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1. Municipal Bonds The interest on some municipal bonds is tax free, in contrast to the interest on corporate bonds. If the current annual interest

1. Municipal Bonds

The interest on some municipal bonds is tax free, in contrast to the interest on corporate bonds. If the current annual interest rates on otherwise similar(i.e., maturity, credit risk, liquidity) municipal and corporate bonds are 1.48% and 1.80%, respectively, what is the implied tax rate?

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