3. As a personal financial advisor you are considering two bonds as possible investment Ivehicles for a client's portfolio. The first instrument is a fully taxable corporate bond offering a 9.5% annual rate of return. The second instrument is a municipal bond issued by the Norristown Pennsylvania School System. This bond is paying a 6.75% annual rate of return. Assume also that your client has the following tax rates: Federal tax level: 25% State tax level: 3% Local tax level: 2% Q: If your client lives in Norristown, and therefore has triple tax free status, what would the after-tax return your client would get if he/she were to invest in the corporate bond? B. In light of your answer to the above question, which bond would you recommend to your client, the municipal or the corporate? Briefly explain why