Mr. Fox has $100,000 to invest. He could buy corporate bonds with a 10% before-tax yield or tax-exempt bonds with an 8% before-tax yield. Which of the following statements is false?

a) If Mr. Fox invests in the tax-exempt bonds, he will pay $2,000 implicit tax every year.
b) If Mr. Fox's marginal tax rate is 15%, he should invest in the corporate bonds.
c) If Mr. Fox's marginal tax rate is 37%, he should invest in the tax-exempt bonds.
d) None of these choices are false.