An FI has purchased (borrowed) a one-year $10 million Eurodollar deposit at an annual interest rate of 6 percent. It has invested these proceeds in one-year Euro (€) bonds at an annual rate of 6.5 percent after converting them at the current spot rate of €1.75/$. Both interest and principal are paid at the end of the year. What is the spread earned by the bank if the end-of-year exchange rate is €1.77/$?单项选择题

题目图片
A

a. -1.00 percent

B

b. -0.70 percent

C

c. -0.25 percent

D

d. 0.00 percent

E

e. 0.20 percent

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