Legend
	Yellow: Inputs
	Green: Pay Dollars
	Blue: Pay Yen
	Assumptions
	Principal, Dollars ($MM)			7.0
	US rate			8.0%
	Principal, Swiss Franc (MM)			CHF 10.0
	Swiss rate			3.0%
	FX rate (CHF/dollar)			1.25
	FX rate (dollar/CHF)			0.800000
	Swap:
	PAY dollars @			8.0%
	RECEIVE CHF @			3.0%
	Time		6.0	7.0	8.0	9.0	10.0
	US Rate		8.0%	8.0%	8.0%	8.0%	8.0%
	Swiss Rate		3.0%	3.0%	3.0%	3.0%	3.0%
Value Interest Rate Swap as Forward Rate Agreeements (FRA)
	Pay Dollars
		Future value (FV)	$0.560	$0.560	$0.560	$0.560	$7.560
	Pay CHF
		Future value (FV), CHF	CHF 0.30	CHF 0.30	CHF 0.30	CHF 0.30	CHF 10.30
		Forward Rate (IRP)	0.800000	0.838835	0.879555	0.922252	0.967021
		Dollar value of CHF CF	$0.240	$0.252	$0.264	$0.277	$9.960
		Net Cash Flow (FV)	-$0.320	-$0.308	-$0.296	-$0.283	$2.400
		Net Cash Flow (PV)	-$0.320	-$0.286	-$0.254	-$0.225	$1.764		$0.680
Value Interest Rate Swap as Two Bonds
	Pay Dollars
		Future value (FV)	$0.560	$0.560	$0.560	$0.560	$7.560
		Present value (PV)	$0.560	$0.519	$0.480	$0.445	$5.557		$7.56
	Pay CHF
		Future value (FV)	CHF 0.30	CHF 0.30	CHF 0.30	CHF 0.30	CHF 10.30
		Present value (PV)	$0.300	$0.291	$0.283	$0.275	$9.151		¥10.30
		Present value (PV), US Dollars							$8.24
		Net Value							$0.680