Calculate the after-tax return of a 12.9712.97 percent, 20-year, A-rated corporate bond for an investor in the 1515 percent marginal tax bracket. Compare this yield to a 10.6510.65 percent, 20-year, A-rated, tax-exempt municipal bond and explain which alternative is better. Repeat the calculations and comparison for an investor in the 3535 percent marginal tax bracket.

Arguments made against free trade include all of the following exceptdumping is an unfair trade practice that puts domestic producers of substitute goods at a disadvantage that they should be protected against.national defense considerations justify producing certain goods domestically whether the country has a comparative advantage in their production or not.free trade is inflationary and should be restricted in the domestic interest. if foreign governments subsidize their exports, foreign firms that export are given an unfair advantage that domestic producers should be protected against.infant industries should be protected from free trade so that they may have time to develop and compete on an even basis with older, more established foreign industries.