Ms. Roxanne is interested in investing in U.S. Treasury bills and municipal bonds. Consider the securities below:- U.S. Treasury bills Face value : $1,000,000 Maturity : 90 days Quotation : $988,000 U.S. Municipal Bonds Face value : $1,000,000 Maturity : 90 days Yield to maturity : 4.2% Required: (i) Calculate the bond equivalent yield for the U.S. Treasury bills. (4 marks) (ii) The yield on municipal bonds is less than Treasuries with the same maturity, but municipal bonds generally are riskier than treasuries. Discuss and comment on the above statement. (10 marks) (iii) Assume Ms. Roxanne is in the 40% marginal tax bracket. Explain which investment is preferable for Ms. Roxanne. Support your answer with relevant calculations. (6 marks)