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    B. -$2,749,326
    C. - $3,630,846
    D. $2,749,326
    Answer: A
    Explanation:
    Explanation
    The swap can be valued by valuing the two individual components of the swap.
    The fixed rate bond equivalent in the swap is valued at =4/1.05 + 104/(1.06

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    The FRN component will be valued at par as we are at a point where the rate has just been reset, ie $100m.
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    Detailed explanation:
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