Suppose the U.S. yield curve is flat at 5% and the euro yield curve is flat at 2%. The current exchange rate is $1.35 per euro. What will be the swap rate on an agreement to exchange currency over a 3-year period? The swap will call for the exchange of 1.4 million euros for a given number of dollars in each year. (Do not round intermediate calculations. Enter your answer in millions rounded to 4 decimal places.)

Swap rate

million per year