Siam Cement. Siam Cement, the Bangkok-based cement manulacturer, suffered enormous losses with the coming of the Asian crisis in 1997 . The company had been pursuing a very aggressive growh strategy in the mid-1990s, taking on massive quantities of foreign-currency-denominated debt (primarily U.S. dollars). When the Thai baht (B) was devalued from its pegged rate of B25.6/\$ in July 1997, Slam's interest payments alone were over $900 milion on its outstanding dollar debt (with an average interest rate of 8.62% on its U.S. dollar debt at that time). Assuming Siam Cement took out \$45 millon in debt in June 1997 at 8.62% interest, and had to repay it in one year when the spot exchange rate had stabilized at B42.3/\$\$, what was the foreign exchange loss incurred on the transaction? The amount of the foreign exchange loss incurred on the transaction is E (Round to the nearest whole number.)