Your financial planner has just completed an analysis of your fixed-income holdings. She has determined each of your after-tax yield, but is cautioning you that the tax implications of your holding could change if Congress changes marginal tax rates. Based on the following after-tax yields, which of these bounds would offer the greatest after-tax return if your federal marinal tax bracket increased from 25% to 30%, while your state marginal bracket remained at 4.5%?

* A corporate bond with a 5.1% after-tax return

* An out-of-state municipal bond with a 4.8% after-tax return

* An in-state municipal bond with a 4.8% after-tax return