An investor is considering whether to invest in a general obligation municipal bond and a Treasury bond. The annual interest rate on the municipal bond is 4% and that on the Treasury bond is 5%. Assume that both bonds do not carry any risk. Which bond would the investor prefer if his marginal tax rate on interest income is 10%.

		The investor is indifferent between the two bonds
		The Treasury bond
		The municipal bond
		Not enough information is provided