A bank is considering two securities: a 30-year Treasury bond yielding 9 percent and a 30-year municipal bond yielding 4 percent. a. If the banks tax rate is 30 percent, calculate the Treasury bond's tax equivalent yield. (Round your answer to 1 decimal place. (e.g., 32.1)) b. Which bond offers the higher tax equivalent yield?

A bank is considering two securities: a 30-year Treasury bond yielding 9 percent and a 30-year municipal bond yielding 4 percent. a. If the bank's tax rate is 30 percent, calculate the Treasury bond's tax equivalent yield. (Round your answer to 1 decimal place. (e.g., 32.1)) b. Which bond offers the higher tax equivalent yield