Suppose you're evaluating three alternative MMMF investments. The first fund buys a diversified portfolio of municipal securities from across the country and yields 3.3 percent. The second fund buys only taxable, short-term commercial paper and yields 5.4 percent. The third fund specializes in the municipal debt from the state of New Jersey and yields 3 percent. If you are a New Jersey resident, your federal tax bracket is 35 percent, and your state tax bracket is 8 percent. 1. Calculate the aftertax yield for each of the alternatives. (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Aftertax yield Municipal fund Taxable fund New Jersey municipal fund % % % 2. Which of these three MMMFs offers you the highest aftertax yield? Taxable Fund