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Homework answers / question archive / You are working for a Toronto-based Biotech company as the Chief Financial Officer (CFO)

You are working for a Toronto-based Biotech company as the Chief Financial Officer (CFO)

Finance

You are working for a Toronto-based Biotech company as the Chief Financial Officer (CFO). Your company has $80,000,000 of excess cash and on March 3, 2021, you notice that the Bank of Canada overnight money market financing rate is 0.2044% (this is an annualized overnight rate). If you consider depositing your company's excess cash ($80,000,000) 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 costs. (Do not use the $ sign. If your answer is $123,456.78, enter 123456.78)

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