former

I say B...I have to draw out the diagram in my head as they have it in the text to remember how to do these, but here is the derivation:

Leveraged Floater:
-(1.2)(L)(12MM)

Bond:
+(1.2)(12MM)(.06)

Swap:
-(1.2)(12MM)(.044)
+(1.2)(L)(12MM)

Netting we get:

(1.2)(12MM)(.06-.044) = $230,400 = B

best,
TheChad