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(a) If a municipal bond trading at par has a yield to maturity of 3.25% and the marginal rate is 39.6%, what is the equivalent

(a) If a municipal bond trading at par has a yield to maturity of 3.25% and the marginal rate is 39.6%, what is the equivalent taxable yield?

(b) If the marginal rate is decreased to 25%, what is the equivalent taxable yield?

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