A bank is considering two securities: a 30-year Treasury bond yielding 9 percent and a 30-year municipal bond yielding 3 percent. a. If the banks tax rate is 40 percent, calculate the Treasury bond's tax equivalent yield. (Round your answer to 1 decimal place. (e.g., 32.1)) b. Which bond offers the higher tax equivalent yield?

A.	Higher tax equivalent yield	%
B.	Higher tax equivalent yield	30-year treasury bond