Use the information for the question(s) below.
KT Enterprises,a Canadian import-export trading company,is considering its international tax situation.Currently KT's Canadian tax rate is 35%.KT has significant operations in both Japan and Ireland.In Japan,the current exchange rate is ¥118.4/$ and earnings in Japan are taxed at 41%.In Ireland the current exchange rate is $1.27/€ and earnings in Ireland are taxed at 12.5%.KT's profits,which are fully and immediately repatriated,and foreign taxes paid for the current year are shown here (in millions) :

-After the Irish taxes are paid,the amount of the earnings before interest and after taxes in dollars from the Ireland operations is closest to:
A) $5.1 million
B) $20.5 million
C) $35.6 million
D) $29.5 million
E) $23.0 million
Correct Answer:
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