NO.PZ202403050900000604
问题如下：
The cash flow to Ndlovu after the first quarter of the Tanzanite swap is closest to:选项：
A.–ZAR140,471. B.ZAR219,529. C.ZAR340,000.解释：
B Correct.
The quarterly interest rate is calculated as [(1 + 3.2%)(1/4)] – 1 = 0.0079,
so the fixed cash flow Ndlovu receives is ZAR5,000,000 × 0.0079 = ZAR39,528.77.
The return of the equity is negative, so Ndlovu will also receive ZAR5,000,000 × 0.0360 = ZAR180,000.00 from the Zulu return.
Therefore, the net cash flow to Ndlovu is ZAR219,528.77 (39,528.77 + 180,000.00).
为什么receive fixed的部份不是直接用NP*（3.2%/4），而是用NP*{(1+3.2%)/4-1}
