A treasurer wants to borrow USD for 2 months, using his holding of CHF 20 million bonds in a cross-currency repo as follows:
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| 2-month USD repo rate: | 4.80% |
| Haircut: | 5% |
| Clean price of bond: | 98.00 |
| Coupon rate on bond: | 5% |
| Previous coupon date: | 21 March |
| Accrual basis: | 30/360 |
| Spot USD/CHF: | 1.4735 |
b. How many USD does he repay on 5 September?
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