Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.

Sonal Johnson is a risk manager for a bank. She manages the bank's risks using a combination of swaps and forward rate agreements (FRAs).Johnson prices a three-year Libor-based interest rate swap with annual resets using the present value factors presented in Exhibit 1.
| Exhibit l.Present Value Factors |
| Maturity(years) | Present Value Factors |
| 1 | 0.990099 |
| 2 | 0.977876 |
| 3 | 0.965136 |


Johnson also uses the present value factors in Exhibit 1 to value an interest rate swap that the bank entered into one year ago as the pay-fixed (receive-floating) party. Selected data for the swap are presented in Exhibit 2. Johnson notes that the current equilibrium two-year fixed swap rate is 1.12%.
| Exhibit 2.Selected Data on Fixed for Floating Interest Rate Swap |
| Swap notional amount | $50，000，000 |
| Original swap term | Three years， wih annual resets |
| Fixed swap rate(since initiation) | 3.00% |


One of the bank's investments is exposed to movements in the Japanese yen, and Johnson desires to hedge the currency exposure. She prices a one-year fixed-for-fixed currency swap involving yen and US dollars, with a quarterly reset. Johnson uses the interest rate data presented in Exhibit 3 to price the currency swap.
| Exhibit 3.Selected Japanese and US Interest Rate Data |
| Days to Maturity | Yen Spot Interest Rates | US Dollar Spot Interest Rates |
| 90 | 0.05% | 0.20% |
| 180 | 0.10% | 0.40% |
| 270 | 0.15% | 0.55% |
| 360 | 0.25% | 0.70% |


Johnson next reviews an equity swap with an annual reset that the bank entered into six months ago as the receive-fixed, pay-equity party. Selected data regarding the equity swap, which is linked to an equity index, are presented in Exhibit 4. At the time of initiation, the underlying equity index was trading at 100.00.
| Exhibit 4.Selected Data on Equity Swap |
| Swap notional amount | $20，000，000 |
| Original swap te mm | Five years， with annual resets |
| Fixed swap rate | 2.00% |


The equity index is currently trading at 103.00, and relevant US spot rates, along with their associated present value factors, are presented in Exhibit 5.
| Exhibit 5.Selected US Spot Rates and Present Value Factors |
| Maturity(years) | Spot Rate | Present Value Factors |
| 0.5 | 0.40% | 0.998004 |
| 1.5 | 1.00% | 0.985222 |
| 2.5 | 1.20% | 0.970874 |
| 3.5 | 2.00% | 0.934579 |
| 4.5 | 2.60% | 0.895255 |


Johnson reviews a 6×9 FRA that the bank entered into 90 days ago as the pay-fixed/receive-floating party. Selected data for the FRA are presented in Exhibit 6, and current Libor data are presented in Exhibit 7. Based on her interest rate forecast, Johnson also considers whether the bank should enter into new positions in 1 × 4 and 2 × 5 FRAs.
| Exhibit 6.6×9FRA Data |
| FRA term | 6×9 |
| FRA rate | 0.70% |
| FRA notional amount | USS 20， 000， 000 |
| FRA settlement terms | Advanced set， advanced settle |



| Exhibit 7.Current Libor |
| 30-day Libor | 0.75% |
| 60-day Libor | 0.82% |
| 90-day Libor | 0.90% |
| 120-day Libor | 0.92% |
| 150-day Libor | 0.94% |
| 180-day Libor | 0.95% |
| 210-day Libor | 0.97% |
| 270-day Libor | 1.00% |


Three months later, the 6 × 9 FRA in Exhibit 6 reaches expiration, at which time the three-month US dollar Libor is 1.10% and the six-month US dollar Libor is 1.20%. Johnson determines that the appropriate discount rate for the FRA settlement cash flows is 1.10%.
Based on Exhibit 6 and the three-month US dollar Libor at expiration, the payment amount that the bank will receive to settle the 6 × 9 FRA is closest to:
Option A:$19,945.
Option B:$24,925.
Option C:$39,781.

Answer: A