uestion 4 (Same data will be reused in questions 5, 6, 7)

A bank has the following assets

$25 million C&I loans interest rate = base-rate = short-term treasury (currently 0%) + 1% credit spread

$75 million of 30-year treasuries yielding 2%.

its liabilities are

$10 million equity capital + $80 million 1-year insured CDs paying 0% + $10 million 2 year uninsured CDs paying 1%

What is its net income assuming no taxes? Please enter your answer in $ million, so if your answer is $1.22 million, enter the number 1.22.