You are asked to look at two different bonds: The first is a 28-year corporate bond with a 10% annual coupon and a $1,000 par value. It is trading at a yield to maturity of 6.2%. It is callable in 3 years and has a premium of 4%. The second is a municipal bond that has a 28 year maturity and a 7.5% annual coupon with a $1,000 face value. The muni is not callable and trades at a yield to maturity of 4.72%. What is the after-tax return on the municipal bond? 3.95% 4.65% 6.20% 4.72%