On March 1, 20X1, Notes Inc. purchased a two-year guaranteed investment
certificate (GIC) for $15,000. The interest compounds annually at 8% and will be received at the end of the full term. Notes Inc. has a marginal tax rate of 30%,
which will increase to 34% in 20X2. Notes Inc. uses the calendar year as its fisca year.
Angela Major also invested $15,000 in a GIC with an 8% annual return, on
March 1, 20X1. Angela's marginal tax rate in 20X1 is 40%, which is expected to rise to 45% in 20X3.
(Assume there are no leap years in this time period.) Required:
Calculate the after-tax interest income for each year for Notes Inc. and for Angela. (Round all numbers.)

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The Answer of On March 1, 20X1, Notes Inc. purchased a two-year guaranteed investment
certificate (GIC) for $15,000. The interest compounds annually at 8% and will be received at the end of the full term. Notes Inc. has a marginal tax rate of 30%,
which will increase to 34% in 20X2. Notes Inc. uses the calendar year as its fisca year.
Angela Major also invested $15,000 in a GIC with an 8% annual return, on
March 1, 20X1. Angela's marginal tax rate in 20X1 is 40%, which is expected to rise to 45% in 20X3.
(Assume there are no leap years in this time period.) Required:
Calculate the after-tax interest income for each year for Notes Inc. and for Angela. (Round all numbers.)