Question 18 (1 point) Over the 1928-2018 period, the average annual real return from investing in 3-month Treasury Bills was closest to: 1% 2% 0% 1.5% -0.5% 0.5% Question 19 (1 point) Suppose a 90-day Freddie Mac discount note provides a yield of 4%, and a 90-day T-Bill provides a yield of 3.6%. If the investor has a 25% federal and a 5% state income tax rate, then each investment has an advantage over the other the T-Bill is clearly the superior investment the Freddie Mac discount note is clearly the superior investment Question 20 (1 point) Suppose your client has a federal tax rate of 33% and a state income tax rate of 10%. If FHLB discount notes offer a 4.3% yield, what is the client's after-tax yield? 2.88% 3.87% 2.45% 4.3%