Alpha and Beta Companies can borrow for a five-year term at the following rates:

	Alpha		Beta
Moodys credit rating	Aa		Baa
Fixed-rate borrowing cost	11.2	%	13.4	%
Floating-rate borrowing cost	LIBOR		LIBOR + 1	%

Assuming more realistically that a swap bank is involved as an intermediary. Assume the swap bank is quoting five-year dollar interest rate swaps at 11.5-12.1 percent against LIBOR flat.

Calculate the quality spread differential (QSD). (Enter your answers as a percent rounded to 1 decimal places.)

QSD is %

Savings of Alpha company is %

Savings of Beta company is %

Savings of Swap Bank is %