Under the terms of an interest rate swap, cat financial has agreed to receive 12% per annum and to pay three-month libor in return on a notional principal of $200 million with payments being exchanged every three months. the swap has a remaining life of 6 months. the three-month libor is 13% per annum for all maturities. the three-month libor at the last payment date was 11% per annum. what is the value of the swap to cat financial? (15 points) vfx = $198.844m; vfl = 198.929m

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.