Suppose that the term structure of interest rates is flat in both Japan and United States. The Japanese rate is 5% per annum and the US rate is 10% per annum (both with continuous compounding). Some time ago a financial institution has entered into a currency swap in which it pays 6% per annum in yen and receives 9% per annum in dollars once a year. The principals in the two currencies are $ 12 million and 1,500 million. The swap will last for another 3 years, and the current exchange rate is 125 = $ 1. Copy the table below in your answer sheet and fill in the relevant missing entries to complete the valuation of currency swap ($ millions) as a portfolio of forward contracts by assuming that the forward rates are realised. [50%] Time Dollar cash flow Yen cash flow Forward exchange rate Dollar value of Net cash flow yen cash flow ($) Present value 3 Total