Suppose you're evaluating three alternative MMMF investments. The first fund buys a diversified portfolio of municipal securities from across the country and yields 2.8 percent. The second fund buys only taxable, short-term commercial paper and yields 5.1 percent. The third fund specializes in the municipal debt from the state of New Jersey and yields 2.5 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.) 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 w Municipal Fund Taxable Fund % % New Jersey Municipal Fund % b. Which of these three MMMFs offers you the highest aftertax yield? New Jersey Fund Taxable Fund Municipal Fund You invested $1,300,000 with a market-neutral hedge fund manager. The fee structure is 2/20, and the fund has a high-water mark provision. Suppose the first year the fund manager loses 6 percent and the second year she gains 15 percent. Assume management fees are paid at the beginning of each year and performance fees are taken at the end of each year. What are the management and performance fees paid each year? (Leave no cells blank - be certain to enter "O" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.) X Answer is complete but not entirely correct. Year 1 Year 2 Management fees Performance fees 26,000.00 $ 24,440.00 21,060.00 0