Company X have received a short-term loan of US $3M from Its parent company on June 30, 2023. Its a Canadian Company. The purpose of the loan is to offset the bank overdraft X currently withdraw to save interest expense. There are two ways that the company can achieve this: 1. Sell the USD and deposit it into its CAD account. 2. Use the USD to pay our USD bills. This would take longer time to use the US $3M up. 3. Combine both 1 & 2 do partly. Please assess which way is more beneficial next week. Bearing mind that the company X need to pay back US 1M in August, and half a million USD each month after August. Other information: 1. Company X has OD in CAD account : CAD 5mn 2. The interest rate of OD is 7.5% 3. The company has USD bills on hand to pay : USD 5mn 4. The rate of interest for the parent company loan is 5% 5. Current USD/CAD exchange rate is: 1USD= 1.33 CAD 6. Today is 10 July 2023