A $5\mathrm{.}5\%,20-$year municipal bond is currently priced to yield $7\mathrm{.}2\%.$ For a taxpayer in the $33\%$ marginal tax bracket, this bond would offer an equivalent taxable yield of

$10\mathrm{.}75\%.$

$8\mathrm{.}46\%.$

$3\mathrm{.}58\%.$

$12\mathrm{.}40\%.$