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 December 31 year end. Angela Major also invested $15,000 in a (GIC) with an 8% annual return, on March 1, 20x1. Angela Major tax rate in 20x1 is 40%, which is expected to rise to 45% in 20x3.

Aassume there are no leap years in thiis time period. Calculate the amount of interest income to be included into income for each year for Notes Inc. And for Angela.