A U.S. bank enters into a plain vanilla currency swap with a notional principal of US$500 million (GBP￡300 million). At each settlement date, the U.S. bank” pays a fixed rate of 4.5 percent on the British pounds received and the British bank pays a variable rate equal to LIBOR on the U.S. dollars received. Given the following information, what payment is made to whom at the end of year 2?

The U.S. bank pays:

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