Which 3-year bond offers the higher yield to investor after accounting for taxes? Show your work and assume a marginal tax rate of 35%. Tax-Exempt vs. Taxable Bond Yields Tax-Exempt Bonds Par Value (%) Pmt per Yr 100.000 2.000 Taxable Bonds Par Value (%) Pmt per Yr 100.000 2.000 Maturity Maturity (Yrs) (Yrs) Coupon (%) 4.00 4.00 4.00 4.00 Price (%) 103.500 103.000 102.000 101.000 Coupon (%) 5.00 5.00 5.00 5.00 Price (%) 100.000 98.000 97.000 96.000 Which 3-year bond offers the higher yield to investor after accounting for taxes? Show your work and assume a marginal tax rate of 35%. Tax-Exempt vs. Taxable Bond Yields Tax-Exempt Bonds Par Value (%) Pmt per Yr 100.000 2.000 Taxable Bonds Par Value (%) Pmt per Yr 100.000 2.000 Maturity Maturity (Yrs) (Yrs) Coupon (%) 4.00 4.00 4.00 4.00 Price (%) 103.500 103.000 102.000 101.000 Coupon (%) 5.00 5.00 5.00 5.00 Price (%) 100.000 98.000 97.000 96.000