Question: Explain how an interest rate swap can be viewed as either a series of forward rate agreements, a pair of bond transactions, or a pair

Explain how an interest rate swap can be viewed as either a series of forward rate agreements, a pair of bond transactions, or a pair of option agreements. To make your description more precise, take the point of view of the fixed-rate receiver in the swap.

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An interest rate swap is an agreement to exchange a series of cash flows based on the difference between a fixed interest rate and a floating interest ... View full answer

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