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A client in the 23 percent marginal tax bracket is comparing a municipal bond that offers a 5.2 percent yield to maturity and a similar-risk

A client in the 23 percent marginal tax bracket is comparing a municipal bond that offers a 5.2 percent yield to maturity and a similar-risk corporate bond that offers a yield of 6.80 percent.

Determine the equivalent taxable yield. (Round your answer to 2 decimal places.)

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