Question: Please show steps thanks! Suppose you're evaluating three alternative MMMF investments. The first fund buys a diversified portfolio of municipal securities from across the country

Please show steps thanks!

Suppose you're evaluating three alternative MMMF investments. The first fund buys a diversified portfolio of municipal securities from across the country and yields 3.5 percent. The second fund buys only taxable, short-term commercial paper and yields 6.1 percent The third fund specializes in the percent and you are a resident of Texas, which has no state income tax municipal debt from the state of New Jersey and yields 38 percent. Your federal income tax rate is 35 a. Calculate the after-tax yield for each of the alternatives. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) After-tax Yield Municipal Fund Taxable Fund New Jersey Municipal Fund b. Which of these three MMMFs offers you the highest ofter-tax yield? O New Jersey Fund O Municipal Fund O Taxable Fund

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