Monique borrowed $470,000 at a 7.5% annual interest rate from a local financial institution to finance the following investments.

Cost

Paintings from well-known galleries $50,000 Guaranteed Investment Certificate paying interest at 6% per annum $20,000 Common shares (3% annual dividend) $30,000 Gold bullion (treated as capital) $70,000 Cryptocurrency (treated as capital) $80,000 Corporate bond (yield is 7% per annum) $20,000 Preferred shares (5% annual dividend) purchased in RRSP $50,000 Common shares of a public corporation paying dividends $150,000 Total cost $470,000

REQUIRED: Assuming that the investments were held for the full calendar year, determine the deductibility of interest expense for each investment.