Alan inherited $103,000 with the stipulation that he "invest it to financially benefit his family." Alan and his wife Alice decided they would invest the inheritance to help them accomplish two financial goals: purchasing a Park City vacation home and saving for their son Cooper's education Vacation Home Cooper 's Education 51,500 Initial investment 51,500 Investment horizon 18 years years Alan and Alice have a marginal income tax rate of 32.00 percent (capital gains rate of 15.00 percent) and have decided to investigate the following investment opportunities Complete the two annual after-tax rates of return columns for each investment and provide investment recommendations for Alan and Alice. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Annual After- Tax Rate of Return Annual After Tax Rate of Return 5 Years 18 Years Corporate bonds (ordinary interest taxed annually) 5.75 % 4.75% 2.981 % Dividend-paying stock (no appreciation and dividends are taxed at 15%) 3.501 % 2.981% 3.50 | % Future value is $72,500 Future value % | is $215,000 Growth stock Municipal bond (tax-exempt) 3.20 3.101%