You are the Chief Financial Officer (CFO) for a Toronto-based Biotech company. Your company has...
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Accounting
You are the Chief Financial Officer (CFO) for a Toronto-based Biotech company. Your company has $100,000,000 of excess cash and on Nov 3, 2022, you notice that the Bank of Canada Canadian Overnight Repo Rate Average (CORRA) is 3.76% (this is an annualized overnight rate). If you consider depositing your company's excess cash ($100,000,000) for 30 consecutive days in the money market financiang rate, calculate the after-tax interest income assuming that the tax rate on interest income is 40%. Also, assume that there is no transaction cost. (Do not use the $ sign. If your answer is $123,456.78, enter 123456.78)
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