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2. (20%). An investor is in a 30% combined federal plus state tax bracket. If corporate bonds offer 9% yields, what must municipals offer for

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2. (20%). An investor is in a 30% combined federal plus state tax bracket. If corporate bonds offer 9% yields, what must municipals offer for the investor to prefer them to corporate bonds? Alternatively, if a muni offers 9% yield, what must the corporate bonds offer for the investor to be indifferent

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