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5. A client in the 33% marginal tax bracket is comparing a municipal bond that offers a 4.5% yield to maturity and a similar risk

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5. A client in the 33% marginal tax bracket is comparing a municipal bond that offers a 4.5% yield to maturity and a similar risk corporate bond that offers a 6.45% yield. Which bond will give the client more profit after taxes? What is the tax-equivalent yield on the municipal bond? Round to 2 decimal places

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