2. (2 Points) Your client, Joe Smith, wants to invest $10,000 in one of two bonds, both of which mature in 5 years. This first bond is a U.S. Treasury Note, with a yield to maturity of 2.1%. The second bond is a (non-taxable) municipal bond, with a yield to maturity of 2.5%. Joes marginal tax rate is 20%. A. Which security will offer the Joe the higher after-tax yield? B. At what marginal tax rate will the two securities have the same after-tax yield? C. Identify two reasons why Joe might want to invest in the Treasury Note. 2. (2 Points) Your client, Joe Smith, wants to invest $10,000 in one of two bonds, both of which mature in 5 years. This first bond is a U.S. Treasury Note, with a yield to maturity of 2.1%. The second bond is a (non-taxable) municipal bond, with a yield to maturity of 2.5%. Joes marginal tax rate is 20%. A. Which security will offer the Joe the higher after-tax yield? B. At what marginal tax rate will the two securities have the same after-tax yield? C. Identify two reasons why Joe might want to invest in the Treasury