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3. The Mountain Home Arkansas School District issued bonds with a coupon rate of 4.25%. The bonds mature in April 2031, the quoted price is

3. The Mountain Home Arkansas School District issued bonds with a coupon rate of 4.25%. The bonds mature in April 2031, the quoted price is 98.43, and the yield to maturity is 4.380%. Each bond has a par value of $5,000. What is the bond's taxable equivalent yield for an investor with a tax rate of 28%?

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