A bond matures in 30 years, has a 20 year duration and a yield to maturity of 9.32%. The change in the level of the market interest rate is 0.47%. The modified duration is ________ and the percentage change in price is ________.

A) 9.4 years, -.47%

B) 14. years, 4.7%

C) 18.29 years., -8.6%

D) 18.29 years., 8.6%

What is the tax-equivalent yield of a double tax-free 5% municipal bond if the investor is in the 28% federal and 7% state tax brackets?

A) 6.94%

B) 7.14%

C) 7.47%

D) 7.69%