Arvo Corporation is trying to choose between three alternative investments. The three securities that the company is considering are as follows: Tax-free municipal bonds with a return of 8.80%. Wooli Corporation bonds with a return of 11.70% CFI Corp. preferred stock with a return of 9.80% The company's tax rate is 25.00% What is the after-tax retum on the best investment alternative? Assume a 50.00% dividend exclusion for tax on dividends. (Round your final answer to 3 decimal places) Oa7.8329 O b.7 216% OC 10.208% O d. 8.800 De 10.384%