When determining whether to invest in a taxable security or a municipal security, which of the following statements is correct?
a. The taxable equivalent yield on the muni should be compared to the after-tax yield on the taxable security.
b. The taxable equivalent yield on the taxable security should be compared to the before-tax yield on the muni.
c. The taxable equivalent yield on the muni should be compared to the before-tax yield on the taxable security.
d. The taxable equivalent yield on the taxable security should be compared to the after-tax yield on the muni.