Maria Lopez is a wealthy investor who's looking for a shelter. Maria is in the maximum (35%) federal tax bracket and lives in a state with a very high income tax. (she pays the maximum of 11 ½% in state income tax) Maria is currently looking at 2 municipal bonds, both of which are selling at par. One is a AA-rated in-state bond that carries a coupon of 6?%. The other is a AA-rated out-of-state bond that carries a 7?% coupon. Her broker has informed her that comparable fully taxable corporate bonds are currently available with yields of 9¾%. Alternatively, long Treasuries are now available at 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. Show your detailed work.