An investоr is cоmpаring three mоney mаrket mutuаl funds. Assume the effective combined marginal tax rate on fully taxable interest is 32%. Interest from the national municipal fund is exempt from federal tax but is subject to a 4% state tax. Interest from the in-state municipal fund is exempt from both federal and state income tax.FundQuoted Annual YieldTaxable government money market fund5.60%National municipal money market fund4.00%In-state municipal money market fund3.70%a) Calculate the after-tax yield of each fund.b) Identify the fund with the highest after-tax yield.c) Calculate the fully taxable equivalent yield of the in-state municipal fund using the 32% combined tax rate.