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The quote for a swap is 4.504.60% for underlying dollar LIBOR. This means the swap bank pays fixed-rate of 4.50% against receiving dollar LIBOR while

The quote for a swap is 4.504.60% for underlying dollar LIBOR. This means the swap bank pays fixed-rate of 4.50% against receiving dollar LIBOR while the swap bank receives fixed-rate of 4.60% against paying dollar LIBOR.

a. True b. False

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