You are the vice president of Worldwide InfoXchange, headquartered in Minneapolis, Minnesota. All shareholders of the firm live in the United States. Earlier this month, you obtained a loan of 11 million Canadian dollars from a bank in Toronto to finance the construction of a new plant in Montreal. At the time the loan was received, the exchange rate was $0.79 to the Canadian dollar. By the end of the month, it has unexpectedly dropped to $0.71.

Has your company made a gain or a loss as a result?

-Select-GainLossItem 1

By how much? Enter your answer as a positive value. Round your answer to the nearest dollar.

$