You are working as a treasurer for a Toronto-based long-term healthcare company. Your company has $12,000,000 of excess cash and you notice that, on Dec 14, 2022 the Canadian overnight REPO rate average (CORRA) is 4.27% (a daily compounded Effective Annual Rate).

If you consider depositing your company's excess cash ($12,000,000) for 28 consecutive days in this overnight rate, calculate the after-tax interest income assuming that the tax rate on interest income is 40%. Also, assume that there is no transaction cost?