Q.4178 Bright Ltd., a US-based corporation, enters a currency basis swap with Gamble, a British company, in which the original principal amounts are $300 million and £240 million. That is: At inception, there is an initial principal exchange in which Bright Ltd. pays Gamble $300 million and receives £240 million. Subsequently, at each interest payment date, Bright Ltd. pays Gamble the GBP-Libor rate on £240 million and receives the USD-Libor rate on $300 million. Finally, at maturity, a re-exchange of principals occurs in which Bright Ltd. pays £240 million in exchange for $300 million. Suppose the spot exchange rate is $1.25 = £1 at the time of entering the swap. Assuming Bright Ltd. and Gamble both have AA credit ratings at this time and can access funds at Libor flat, the value of the swap at inception to Bright Ltd. is?