An investor in the 25% marginal tax bracket is comparing the differences in two different municipal bonds. Both mature in 2 years. Muni A offers a 6% yield and Muni B offers a 6% yield. Muni A is backed by city revenue via property taxes and Muni B is backed by revenue from a toll road. A rational investor wanting to maximize their return would invest in: Muni A Two Year, 8.1% Treasury Bond