You entered a currency swap (out of dollar-denominated debt and into euro-denominated debt). Under the swap agreement, you have to pay 1,000,000 interest annually for 8 years and a terminal cash flow of 10,000,000 at the end of year 8. At an AIC of 10% what is amount in euro you received at the initiation of the swap agreement?

Select one:

A.

11,000,000

B.

10,000,000

C.

10,100,000

D.

8,800,000

E.

9,900,000