Jake Baldwin is looking for a$$ fixed$-$income investment. He is considering two bond$$ issues:

a$.$ A Treasury with a yield of $10\mathrm{.}85\%$

b$.$ An$$ in$-$state municipal bond with a yield of $7\mathrm{.}69\%$

Jake is in the $32\%$ federal tax bracket and the $6\%$ state tax bracket. Which bond would provide him with a higher$$ tax$-$adjusted yield?

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Part $1$

The taxable equivalent yield on the Treasury bond is

$$

$11\mathrm{.}54\%.($Round to two decimal$$ places.$)$

Part $2$

The taxable equivalent yield on the$$ in$-$state municipal bond is

$$

enter your response here$\%.$