In the May 29, 1992, Weekly Market Update published by Goldman, Sachs & Co., the following information was reported in an exhibit for high-grade, tax-exempt securities as of the close of business Thursday, May 28, 1992:

Answer the below questions.
(a) What is meant by a tax-exempt security?
(b) What is meant by high-grade issue?
(c) Why is the yield on a tax-exempt security less than the yield on a Treasury security of the same maturity?
(d) What is the equivalent taxable yield?
(e) Also reported in the same issue of the Goldman, Sachs report is information on intramarket yield spreads. What are these?

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Yield (%) as a Percentage of Maturity (years) Yield (%) 3.20 4.65 5.10 5.80 6.50 76.5 80.4 76.4 78.7 82.5 10 30