1. An investor is considering whether to invest in a general obligation municipal bond or a Treasury bond. The annual interest rate on the municipal bond is 3% and that on the Treasury bond is 4%. If an investor has a marginal tax rate of 20%, his after tax interest on the municipal bond is _________, and his after tax interest on the Treasury bond is __________.

   		3%, 3.2%
   		3%, 4%
   		2.4%, 4%
   		3.2%, 3.8%