O AutoSave OFF A A ETC... Home Insert Draw Page Layout Formulas Data Review View Tell me Calibri (Body) 11 v A A ab Wrap Tex Paste BI UV v MyAv Merge & 114 X V fx A B C D E F G H I J C. JTM's can swap its bonds as per the data below. You are asked to show the cash flows for the fixed and floating scenarios and the net difference each year plus the net overall difference undiscounted and discounted using a 5% discount rate. Show all fixed and floating payments as negative cash flows. Net benefits use the formula: floating payments minus fixed payments. State whether the swap is better or worse in the space provided. LO 11 c. Interest Rate Swap 12 Cash Flows 13 Bond outstanding 500 Fixed Floating Net 14 Maturity (yrs.) 10 Year 1 15 Fixed rate 4.5% Year 2 6 Spread over BSTBY 2.45% Year 3 17 BSTBY: Year 4 Years 1-2 2.0% Year 5 Years 3-4 2.3% Year 6 20 Years 5-7 2.5% Year 7 21 Undiscounted Net 22 Discounted Net 23 24 25 26 27 29 30 31 32 33 34 36 37