Dude Blake has entered into a one-year equity swap with Smily Bischooff. The terms of the swap call for Smiley to deliver Dude the returns on the Trout Stock Index, whereas Dude must deliver to Smiley the returns on LIBOR. The notational principal of the swap is $50 million. Payment is made quarterly. Over the next four quarters, the Trout index and LIBOR return the following:

Calculate the cash flows that will take place between Dude and Smiley (on a net basis) over this one-year period.

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Trout Index +5% -1% +2% LIBOR +1.5% +1.4% +1.3% uarer