Company X is based in the United Kingdom and would like to borrow $50 million at a fixed rate of interest for five years in US funds. Because the company is not well known in the United States, this has proved to be impossible. However the company has been quoted 12% per annum on fixed rate-five year sterling funds. Company Y is based in the United States and would like to borrow the equivalent of $50 million in sterling funds for five years at a fixed rate of interest. It has been unable to get a quote but has been offered US dollar funds at 10.5% per annum. Interest rate for Company X is 11.5% per annum in the foreign market, while it is 13% for company Y in the foreign market. Current exchange rate is $ 1.5/. Both companies decide to borrow the funds locally and swap the borrowed funds, charging each other the rate, has they borrowed in the foreign market. Suggest and design an appropriate currency swap for the transaction and outline the cash flows involved in the swap.