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25. Your client's federal marginal income tax rate is 35%, and his state marginal income tax rate is 5%. He is considering investing in a

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25. Your client's federal marginal income tax rate is 35%, and his state marginal income tax rate is 5%. He is considering investing in a municipal bond issued by his local municipality that will yield him 6%. Calculate the taxable equivalent yield of this bond. A. 3.60% B. 8.40% C. 9.23% D. 10.00%

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