A corporate bond is rated AA$,$ matures in $10$ years, and has a coupon of $5\%.$ A municipal bond has

the same rating and maturity, but has a coupon of $3\mathrm{.}6\%.$ What bond should an investor buy if they

are in the $28\%$ federal tax bracket

The corporate bond

Either one since the bonds are equivalent

Neither one since the bonds are rated below investment grade

The municipal bond