Your new customer lists tax-free income as an investment objective but notes that he will need access to $50,000 within the next 4 to 6 months for a down payment on a vacation home he is purchasing. to meet the objective of tax-free income a rr 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)