Suppose you're evaluating three alternative MMMF investments. The first fund buys a diversified portfolio of municipal securities from across the country and yields $3\mathrm{.}8$ percent. The second fund buys only taxable, short$-$term commercial paper and yields $5\mathrm{.}5$ percent. The third fund specializes in the municipal debt from the state of New Jersey and yields $3\mathrm{.}3$ 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.

Note: Do not round intermediate calculations. Enter your answers as a percent rounded to $2$ decimal places.

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