$1.$ An investor buys a $20-$year semiannual bond with a coupon rate of $5\%$ for $$950.$ He plans to hold the bond for $8$ years and then sell it$.$ The investor expects to reinvest the first $6$ coupon payments at $4\mathrm{.}5\%$ and the next $10$ payments at $5\mathrm{.}5\%.$ He also expects the bond$$s YTM at the end of the holding period to be $6\%.$ Find annualized total return. $2.$ At which tax rate will investors prefer a corporate bond with a pre$-$tax yield$-$to$-$maturity of $12\%$ and municipal security with a pre$-$tax yield$-$to$-$maturity of $9\%?$ Please answer the above questions with proper solutions and answers. Also show all working