$5)$ You live in Texas and are deciding between buying a $5-$year Treasury with a $4\%$

coupon rate and a $5-$year coupon bond issued by Texas with a $3\%$ coupon rate, and let$$s

assume the great state of Texas would never default on it$$s debt obligations...

a$)$ You would prefer the Treasury bond if your marginal federal income tax rate is

$24\%$

b$)$ You would prefer the Treasury bond if your marginal federal income tax rate is $37\%$

c$)$ You would prefer the Texas bond if your marginal federal income tax rate is $24\%$

d$)$ You would prefer the Texas bond if your marginal federal income tax rate is $22\%$

e$)$ Both $($a$)$ and $($d