Suppose that five-year AAA-rated municipal bonds were yielding 2.88% whereas five-year AAA-rated corporate bonds were yielding 4.23%. Municipal bonds are typically tax-exempt at the federal level, whereas corporate bonds are fully taxable. Considering these facts, there are the following investors: a high-income individual facing a tax rate of 40%, a middle-income individual facing a tax rate of 25%, and a pension fund facing a tax rate of zero. Which of the following best describes the investor(s) who is(are) better off investing in the corporate bonds. Assume that the bonds are similar except for their tax treatment, e.g., similar life, default risk. A. High-income individuals B. Middle-income individuals C. Pension fund D. High-income individuals and middle-income individuals E. Middle-income individuals and pension fund