45. An investment firm has four different derivative positions with a financial institution. The market values and details of these positions are summarized in the table below:

Position	Exposure (USD)
Long swaptions	32 million
Long credit default swaps	12 million
Long currency derivatives	-16 million
Long futures contracts	-8 million

Given these positions, calculate the potential loss the financial institution would face if the investment firm defaults. Evaluate the loss in two scenarios: one where netting agreements are applied between the positions, and another where no netting is considered.