Currency Swap

Toyota, Inc. would like to raise $100m and can borrow dollars for three years at a coupon rate of 2.75 percent. Alternatively, it can borrow yen for three years at a rate of 0.85 percent. Apple, Inc. would like to raise 4.25b and can borrow dollars for five years at 2 percent and can borrow yen for five years at 1 percent. The swap bank publishes these quotes:five-year yen swap rates are 0.64--0.70percent;and the dollar swap rates are 2.41--2.44 percent. The current exchange rate is 85/$. Show how much Toyota, Apple, and Swap Bank will earn per year on the currency swap.