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Business, 20.08.2020 17:01 graceduke2005p6z8yp

Your new customer lists tax-free income as an investment objective but notes that he will need access to $50,000 within the next four to six months for a down payment on a vacation home he is purchasing. To meet the objective of tax-free income, a registered representative considers municipal securities for the $50,000. Which of the following municipal securities recommendations would be the least suitable? a. An auction-rate security (ARS)
b. A tax-anticipation note (TAN)
c. A bond anticipation note (BAN)
d. A variable-rate demand note (VRDN)

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