Consider a municipal bond offering a yield of 4.5% per year and a comparable corporate bond offering a yield of 6.5% per year. Which of the following investors would prefer the municipal bond. You may choose more than one.

a) An investor with a tax rate of 20%

b) An investor with a tax rate of 25%

c) An investor with a tax rate of 30%

d) An investor with a tax rate of 35%