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A bank is considering an investment in a municipal security that offers a yield of 4 percent. What is this securitys tax equivalent yield if

A bank is considering an investment in a municipal security that offers a yield of 4 percent. What is this securitys tax equivalent yield if the banks tax rate is 35 percent? (Round your answer to 2 decimal places. (e.g., 32.16))

1. what is the security tax equivalent yield?

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