Janice Wicox is a wealthy investor who's looking for a tax shelter. Janice is in the macimum (37\%) federal tax bracket and lives in a same with a very high state income tax. (She pays the maximum of 12.3\% in state income tax) Jarice is currecty looking al two manicipal bonds, both of which are seting at pac. One is a AMrated in-state bond that carries a coupon of 9.357%. The other is a A.rated, out-ol-state bond that camies a coupon of 9.963%. Her broker has informed her that comparable fully taxable corporate bonds are currenty avalable with yeids of 12.586%. Allematively. long Treasuries are now avalable at yielas of t1.852\%. She has $100,000 to invest, and because at the bonds are high-quality issues, she wants to solect the one that will give her maximum affotitax teturns. a. Which one of the four bonds should she buy? b. Rank the four bonds (from best to worst) in terms of theic taxabie equivalent yelds. a. The taxabile equivalent yield on the in-state muricpal bond is 4. (Round to tree decimal places.)