13. A corporation can earn 7.50% if it invests in municipal bonds. The corporation can also earn 8.15% (before-tax) by investing in preferred stock. Assume that the two investments have equal risk. What is the break-even corporate tax rate that makes the corporation indifferent between the two investments? Assume a 50.00% dividend exclusion for tax on dividends. (Do not round your intermediate answer and round your final answer to two decimal places.) 24.72% 6. $22.60% 15.95% 25.52% 31.64%