Jones Inc. has $22,000 to invest in securities down company on you'll 11% product or company preferred stock has a dividend yield of 9% municipal bonds issued by the city of Seattle you'll 9% the corporate tax rate for Jones Inc. is 40% with 70% of the preferred stock dividends tax-exempt the investments are consider equally risky so the corporate controller of Jones Inc. will decide which security should be selected strictly on the basis of after tax rate of return what is the after tax rate of return on the highest yielding security