Stampede Capital Management has entered into a currency swap with Polar Investments inwhich Stampede pays 3.5% per annum in euros and receives 2.8% per annum in dollars.Stampede pays a principal amount of $130 million to Polar, while Polar pays 100 million toStampede at inception of the swap. The yield curve in both Germany and the United States isupward-sloping with the following interest rates:

1-year2-year

Germany 4.00% 4.50%

United States 2.00% 2.25%

The swap will last for another two years and the current exchange rate is EUR/USD=1.33. What is the value of the currency swap to Stampede?