If a fully-taxable bond yields a BTROR of 8% (Rb = 8%)and a tax-exempt bond of similar risk earns a BTROR of 5% (Rf = 5%),then the implicit tax is

If a fully-taxable bond yields a BTROR of 8% (Rb = 8%)and a tax-exempt bond of similar risk earns a BTROR of 5% (Rf = 5%),then the implicit tax is
A)3%.
B)5%.
C)8%.
D)None of the above.