The Avery Corporation has some excess cash that it would like to invest in marketable securities for a long-term hold. Its vice-president of finance is considering three investments (Avery Corporation is in a 36 percent tax bracket). Which one should he select based on aftertax return: 

(a) Government bonds at a 9 percent yield; 

(b) Corporate bonds at a 12 percent yield;

(c) Preferred stock at a 10 percent yield?