Problem 5 (5 pts) As a personal financial advisor you are considering two bonds as possible investment vehicles for a client's portfolio. The first instrument is a fully taxable corporate bond offering a 9.5% annual rate of return. The second instrument is a municipal bond issued by the Norristown Pennsylvania School System. This bond is paying a 6.75% annual rate of return. Assume also that your client has the following tax rates: Federal tax level: 25% State tax level: 3% Local tax level: 2% A. If your client lives in Norristown, and therefore has triple tax free status, what would the after-tax return your client would get if he/she were to invest in the corporate bond? Show clearly all work, carrying all calculations out to four (4) decimal places. Highlight your answer in bold. (3 pts)