Suppose that the manager of a tax-exempt portfolio is considering investing $900,000 in any one of the two 10-year bonds: 5% semi-annual coupon bond selling at $900 (par value is $1000), and Zero-coupon bond selling at $600 (par value is $1000) Both are semi-annually compounded bonds. Also, suppose that the bonds have the same credit quality rating and that the portfolio manager plans to hold either bond until maturity. What is the coupon payment reinvestment rate (break-even rate), that makes the manager indifferent between buying the zero-coupon bond and buying the coupon bond? What happens if interest/coupon payments are subject to tax? Please explain your result carefully.