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Lydia wants to put her savings into an account to earn some interest. She analyzes the savings account market and nds that the best available interest rate is 5% per annum and takes this offer. Her sister, Elisa, has saved the same amount of money as Lydia, but she does not want to put her money into a bank account; instead, she goes for a subscription in government bonds, which pay 4.8% per annum. The marginal tax rate on interest is 10%. However, the fixed interest rate earned on government bonds is tax exempt. The expected rate of inflation for the next year is 2.5%. Which of the two sisters will be better off at the end of the year?