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Fully-taxable bonds yield 10% per year before tax, tax-exempt bonds yield 6.5%, and the pretax return on single premium deferred annuities (SPDAs) is 9.5%. 1. What are the after-tax rates of return per period (for holding periods of 3,5,10, and 20 years) for an investment in (1) tax-exempt bonds; (2) taxable bonds; (3) SPDAs cashed out after age 59.5 (no excise tax); and (4) SPDAs cashed out before age 59.5 requiring a 10% nondeductible excise tax (in addition to the normal tax) on the accumulated interest, for an investor facing: (i) a 40% ordinary tax rate each period; and (ii) a 30% ordinary tax rate each period