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Duke Inc. is a major exporter of spicy American cheese products. Duke's financials are the following: Enterprise Value is USD 15 million; total net debt

Duke Inc. is a major exporter of spicy American cheese products. Duke's financials are the following: Enterprise Value is USD 15 million; total net debt is 4 million out of which USD 3 million are EUR denominated net debt; Assume that FX business exposure to the EUR is 1.80. Duke also has a short position on a 5-year fixed-for-fixed USD/EUR swap with a notional of USD 2 million (assume this is an at-market swap). What is the FX equity exposure of Duke Inc.?

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