As a bond portfolio manager you are considering two bonds as possible investment vehicles for a client's portfolio. The first instrument is a fully taxable corporate bond offering an 11.5% annual rate of return. The second instrument is a municipal bond paying a 7.75% annual rate of return. If your client is in the 28% marginal tax bracket, answer the following questions. A. What is the after-tax return your client could get if he/she were to invest in the corporate bond? (Circle your answer.) B. In light of your answer to the above question, which bond would you recommend your client purchase? Briefly explain why