P$10\mathrm{.}6**$ Janice Wilcox is a wealthy investor who$$s looking for a tax shelter. Janice is in the maximum $(37\%)$ federal tax bracket and lives in a state with a very high state income tax. $($She pays the maximum of $12\mathrm{.}3\%$ in state income tax.$)$ Janice is currently looking at two municipal bonds, both of which are selling at par. One is a AA$-$rated, in$-$state bond that carries a coupon of $6\mathrm{.}375\%.$ The other is a AA$-$rated, out$-$of$-$state bond that carries a $7\mathrm{.}125\%$ coupon. Her broker has informed her that comparable fully taxable corporate bonds are currently available with yields of $9\mathrm{.}75\%.$ Alternatively, long Treasuries are now available at yields of $9\%.$ She has $$100,000$ to invest, and because all the bonds are high$-$quality issues, she wants to select the one that will give her maximum after$-$tax returns. a$.$ Which one of the four bonds should she buy? b$.$ Rank the four bonds $($from best to worst$)$ in terms of their taxable equivalent yields