$$If all other characteristics are similar, $\_\_\_\_$ would have to offer $\_\_\_\_.$

Question $4$ options:

$$taxable securities; a higher after$-$tax yield than tax$-$exempt securities

$$taxable securities; a higher before$-$tax yield than tax$-$exempt securities

$$tax$-$exempt securities; a higher after$-$tax yield than taxable securities

$$tax$-$exempt securities; a higher before$-$tax yield than taxable securities