Suppose you're evaluating three alternative MMMF investments. The first fund buys a diversified portfolio of municipal securities from across the country and yields 2.5 percent. The second fund buys only taxable, short-term commercial paper and yields 5 percent. The third fund specializes in the municipal debt from the state of New Jersey and yields 2.2 percent. You are a New Jersey resident, your federal tax bracket is 35 percent, and your state tax bracket is 8 percent. (Assume your state taxes do not affect your federal taxable income.) 10 a. Calculate the aftertax yield for each of the alternatives. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Aftertax Yield % Municipal Fund Taxable Fund New Jersey Municipal Fund s % % b. Which of these three MMMFs offers you the highest aftertax yield? O Municipal Fund O Taxable Fund O New Jersey Fund