Q6. Pfizer and Exon decide to swap $1 million loans. Pfizer currently pays 9% fixed and Exon pays 8.5% on a LIBOR +0.5% loan. What is the net cash flow for Pfizer if they swap their fixed loan for a LIBOR + 0.5% loan and LIBOR rises to 10.5% I gn Layout References Mailings Review View Help PDFelement Tell me what you want to do II. Problems (show all work) 03. Suppose that: The spot price of gold is US$1,400 The 1-year forward price of gold is US$1,420 The 1-year US$ interest rate is 6% per annum Is there an arbitrage opportunity? Why or why not? Calculate the profit or loss from such a strategy. on gold when the price