Japanese investors purchased from Walt Disney Productions projected yen royalties. The 20-year stream of royalties is for Tokyo Disneyland. The present value of that stream of royalties, discounted at 5 percent (the return required by the Japanese investors), was Â¥95 billion. Disney took the yen proceeds from the sale, converted them to dollars, and invested the dollars in bonds yielding 8 percent. At the time of the sale, the exchange rate was Â¥79.8408 = $1.
a. What amount (in dollars) did Disney realize from the sale of its yen proceeds?
b. Describe the similarities and differences between Walt Disney's transaction and a currency/interest rate swap.
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