Assume Carlton enters into a three-year fixed-for-fixed swap agreement to receive Swiss Franc and pay U.S. dollar annually, on a notional amount of $2,000,000. The spot exchange rate at the time of the swap is SF0.8/$. Assume that one year into the swap agreement Carlton decides it wishes to unwind the swap agreement and settle it in dollars. Assuming that a two-year fixed rate of interest on the Swiss Franc is now 2.59%, and a two-year fixed rate of interest on the dollar is now 5.90%, and the spot rate of exchange is now SF0.96/$. To Carlton, what is the net present value (in dollar) of the swap agreement? (Keep the sign and two decimal numbers.)

	Euro-		Swiss franc		U. S. dollar		Japanese yen
Years	Bid	Ask	Bid	Ask	Bid	Ask	Bid	Ask
2	3.08	3.12	1.68	1.76	5.43	5.46	0.45	0.49
3	3.25	3.29	2.12	2.17	5.54	5.59	0.56	0.59