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Siam Cement suffered enormous losses during the Asian currency crisis in 1 9 9 7 . When the Thai Baht was devalued from B 2

Siam Cement suffered enormous losses during the Asian currency crisis in 1997. When the Thai Baht was devalued from B25.5/$, Siam's interest payments were over $900 million on its outstanding dollar debt (with an average interest rate of 8.1% on its U.S. dollar debt at that time). Assuming Siam took out $53 million in debt in June 1997 and at 8.01% interest, and had to repay it in one year when the spot had risen to B42.2/$, what was the foreign exchange loss incurred on the transaction?
$956,793,100
$955,996,510
B855,996,510
B956,793,100
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