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The Chinese subsidiary of a Canadian company is expected to make an after tax profit of CNY 20,000,000 next year. Withholding tax is 6%. PV factor at 15% discounting rate is 0.870 CAD/CNY is $5.2073. Calculate the remittance in CAD.

$3.65 Million

$3.14 Million

$4.28 Million

$85.17 Million

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