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Leeson Company entered into an interest rate swap with Morley Corporation on January 1, 2003. The notional amount of the swap is $20,000,000. Leeson will pay Morley a fixed annual rate of 8 percent. Morley will pay Leeson LIBOR plus 1 percent. Settlement is to be made every six months and the contract lasts for three years. The annual variable rates based on LIBOR plus 1 percent are:
July 1, 2003
8.26%
January 1, 2004
8.32%
July 1, 2004
8.18%
January 1, 2005
7.92%
July 1, 2005
7.90%
January 1, 2006
8.06%
Required:
a. Set up a schedule showing the net receipts or payments for Leeson.
b. Why would Leeson enter into a strategy of this type?
c. Has Leeson benefited from this transaction?
What dangers are present?
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