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ABC Ltd., a private Canadian company, borrowed $3,000,000 US dollars ($US) on January 1, 2020. The loan is due in 5 years, and annual interest payments of 5% are due each year on December 31st. Select exchange rates for the year ended Dec 31, 2020 are as follows: January 1, 2020: US $1 = CAD $1.14 December 31, 2020: US $1 = CAD $1.21 2020 annual average: US $1 = CAD $1.19 December 2020 monthly average: US $1 - CAD $1.18 What is the total interest expense, in Canadian dollars, that ABC will report on its financial statements related to this loan for the year ended Dec 31, 2020? Your