Janice Wilcox is a wealthy investor who's looking for a tax shelter. Janice is in the maximum (37\%) federal tax bracke and lives in a state with a very high state income tax. (She pays the maximum of 12.3% in state income tax.) Janice is currently looking at two municipal bonds, both of which are selling at par. One is a AA-rated in-state bond that carries coupon of 8.885%. The other is a AA-rated, out-of-state bond that carries a coupon of 9.368%. Her broker has informe her that comparable fully taxable corporate bonds are currently available with yields of 12.059%. Alternatively, long Treasuries are now available at yields of 11.432%. She has $100,000 to invest, and because all the bonds are high-quality issues, she wants to select the one that will give her maximum after-tax retums. a. Which one of the four bonds should she buy? b. Rank the four bonds (from best to worst) in terms of their taxable equivalent yields. a. The taxable equivalent yield on the in-state municipal bond is \%. (Round to three decimal places.)