XYZ Corp. (XYZ) has a calendar year end. On January 1, 2022 , the company borrowed $5,000,000 US dollars from an American bank. The loan is to be repaid on December 31, 2025 and requires interest at 5\% to be paid every December 31. The loan and applicable interest are both to be repaid in US dollars. XYZ does not hedge to minimize its foreign exchange risk. The following exchange rates are in effect throughout the term of the loan: The average rates in effect for 2022 and 2023 are as follows: What is the amount of interest paid (in Canadian Dollars) during 2022? Multiple Choice $291,550 $298,000 $250,000 $295,000