In 2016, the Bank of Canada estimated that at least $894,000 of counterfeit Canadian banknotes were in circulation (down from about $6 million in 2008).

a. Why do Canadian taxpayers lose because of these counterfeit notes?

b. As of December 2016, the interest rate earned on one-year Canadian treasury bills was 1.07%. At a 0.64% rate of interest, what amount of money are Canadian taxpayers losing per year because of these $894,000 in counterfeit notes?