You are looking at an American Express Co. bond maturing on May 20, 2026 (Rated Moody’s A3, S & P A-). It has a coupon rate of 3.125 % and is priced 111.42 bid, 113.02 ask (percent of par). What is this bond’s YTM? Meanwhile, you are comparing this bond to the maturity-comparable LADWP bond (either the 2025 or the 2026), and your marginal tax rate is 28.5%. If you are only concerned about yield, which bond do you buy, the AMEX bond, or the LADWP muni?