Irene invested $100,000 in a three-year guaranteed investment certificate (GIC) on June 1, Year 1. The GIC pays interest of 3% in Years 1 to 3. The interest compounds and is reinvested each year on the anniversary date of the GIC. The full amount -principal and all compounded interest will be received upon maturity on May 30, Year 4. Required: Determine the minimum amount of income that Irene must report for Year 1 through Year 4 in respect of this investment. Remember, that the taxpayer is an individual so rather than using the accrual method you will calculate based on the anniversary date of the investment (i.e. each year, one day before the original purchase date of June 1).