Empirically Analyzing the Impacts of U.S. Export Credit Programs on U.S. Agricultural Export Competitiveness



ECEG = ECUS *Exchangerate

PMTEG =ECEG


r
r
EG


where ECEG is the export credit received by Egypt from the US, iEG is the interest rate in

Egypt and rpc = ——g—,n = 2
EG n*100,

Step 4: Finding the future value (FVEG) of the credit under Egypt borrowing

FV = PMT

EG = EG



r
rEG


Step 5: Converting FVEG into US dollars

FV*EG =


FVEG


Exchange rate


Step 6: Calculating the future value of cost savings (FVCS) from steps 1 and 4

FCSV = FV -FV*
US EG

Step 7: Calculating the present value of cost savings (PVCS)

(

PVCS = FVCS


l(1 + ⅛ )n


Note: When we calculate present value of cost savings for 180 days, the term of
repayment is one (n=1). All other formulas remain the same.

38



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