Beth Anaheim is a 70-year-old retiree

Beth Anaheim is a 70-year-old retiree who has been referred to ACG by a current ACG client. Beth’s main investment objectives are safety of principal and current income. Her retirement income sources include social security, rental income from a commercial investment property managed by a professional property management firm, and a $500,000 investment portfolio consisting of several utility company stocks and corporate bonds. Beth is currently in the 30% combined federal and state marginal tax rate. Beth is considering an investment in one of the following bonds:DES Corporate Bond: A-Rated, 9% coupon rate, maturing in 7 years (recommended by a friend).FGR Municipal Bond: AAA-rated, 7% coupon, maturing in 7 years (recommended by her ACG investment advisor).Using the taxable equivalent yield concept, you are to help the ACG advisor explain to Beth why the FGR bond investment could offer a higher yield and lower risk. Make sure that you present the information in as simple a manner as possible without leaving out any pertinent information.