This question is based on the following information.

Panda Financial International (PFI) holds a foreign currency swap for which PFI receives 5% per annum semi-annually in Chinese Yuan (RMB) and pays 6% per annum semi-annually in Euro (EUR). The principals in the two currencies are 10 million EUR and 100 million RMB. The tenor of the swap is 18 months and the current spot exchange rate is RMB9.7 per EUR. The term structures of interest rates in money market yields in China and EU are provided below.

Maturity (months)	RMB spot rates	EUR spot rates
6	12%	6%
12	13%	9%
18	16%	10%

What is the value of PFI's cash outflows in Euros?

	A.	8.99 million.
	B.	9.48 million.
	C.	9.52 million.