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A security known as an interest-rate swap can be modeled as a portfolio consisting of either (i) a long position in a floating-rate bond and a short position in a fixed-rate bond (a payer swap) or (ii) a long position in a fixed-rate bond and a short position in a floating-rate bond (a receiver swap).2 Briefly explain: The
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Authors: John V. Thill, Courtland L. Bovee