Cement.

siam cement, the bangkok-based cement manufacturer, suffered enormous losses with the coming of the asian crisis in 1997. the company had been pursuing a very aggressive growth strategy in the mid-1990s, taking on massive quantities of foreign-currency-denominated debt (primarily u. s. dollars). when the thai baht (b) was devalued from its pegged rate of

b25.925.9 /$

in july 1997, siam's interest payments alone were over $900 million on its outstanding dollar debt (with an average interest rate of

8.268.26 %

on its u. s. dollar debt at that time). assuming siam cement took out

$ 47$47

million in debt in june 1997 at

8.268.26 %

interest, and had to repay it in one year when the spot exchange rate had stabilized at

upper b 42.3 divided by $b42.3/$ ,

what was the foreign exchange loss incurred on the transaction?

the amount of the foreign exchange loss incurred on the transaction is? ? )