Each tile shows an investor's tax bracket along with the tax-free yield of a bond the investor purchased. Use the formula to determine the taxable equivalent yield of each investment, and then order the investments from least to greatest return.
tax-free yield
taxable equivalent yield = 100 - tax bracket
tax bracket: 24%
tax-free yield: 5%
tax bracket: 12%
tax-free yield: 5%
tax bracket: 22%
tax-free yield: 3%
tax bracket: 24%
tax-free yield: 4%
tax bracket: 35%
tax-free yield: 3%