A bond issued by the state of Alabama is priced to yield $7\mathrm{.}10\%.$ If you are in the $30\%$ tax bracket, this bond would

provide you with an equivalent taxable yield of

$r_{\text{t}\text{a}\text{x}\text{a}\text{b}\text{l}\text{e}}(1-t)=r_{\text{m}\text{u}\text{n}\text{i}}$