On April 1, 2022, a corporation with a December 31 taxation year purchased a three-year investment certificate for $20,000. The certificate pays interest only at the end of the three-year term, but the interest is compounded annually at the rate of 10%. Currently, the corporation’s marginal tax rate is 28%. However, in 2023, the marginal tax rate will decrease to 25%. 

An individual makes the identical investment on April 1, 2022. The individual’s marginal tax rate in 2022 is also 28% and is expected to drop to 25% in 2023. 

Required:

Calculate and compare the tax on the interest income for the three-year period for the individual and the corporation.