Garth Campbell recently won $400,000 while playing the penny slots at the local casino. Garth has decided that on January 1, 2023 he would invest the full amount into one of two investments. On December 31, 2023 he plans on selling the investments and moving to Mexico. The two investment options are as follows:

1. $400,000 of Cartwell bonds at par. The bonds would pay interest of 8% and it is expected that Garth would be able to sell the bonds on December 31^st for face value.

1. 8,000 Arclight shares for their current market value of $50 per share. The shares pay an annual eligible dividend of $1.50 per share. Garth is expected to be able to sell the shares on December 31^st for $55 per share.

Garth has enough other income such that all further income will be taxed at the 33% federal and 14% provincial level. Garth lives in a province that provides a 30% dividend tax credit for eligible dividends.

Advise Garth as to which investment will result in greater after-tax income. Support your conclusion with calculations.