A local government bond offers an interest rate of 8.9%. My current year's taxable income is $179000 and I file tax as a single filer. Use the tax schedule in 2017 (photo attached) to calculate the equivalent taxable yield for the local government bond? (keep two decimal places such as 0.06)

2. Progressive federal tax rates (2017) Single Filers Tax Bracket If Taxable income is: The Tax is: 10% 15% 25% 28% Not over $9,325 10% of taxable income $9,325-$37,950 $932.50 + 15% of excess over $9,325 $37,950-$91,900 $5,226.25 + 25% of excess over $37,950 $91,900-$191,650 $18,713.75 + 28% of excess over $91,900 $191,650-$416,700 $46,643.75 + 33% of excess over $191,650 $416,700-$418,400 $120,910.25 + 35% of excess over $416,700 Over $418,400 $121,505.25 + 39.6% of excess over $418,400 Married Filing Joint Returns and Surviving Spouses 33% 35% 39.6% Tax Bracket If Taxable income is: The Tax is: 10% 15% 25% 28% Not over $18,650 $18,650-$75,900 $75, -$153,100 $153,100-$233,350 $233,350-$416,700 $416,700-$470,700 Over $470,700 10% of taxable income $1,865 + 15% of excess over $18,650 $10,452.50 + 25% of excess over $75,900 $29,752.50 + 28% of excess over $153,100 $52,222.50 + 33% of excess over $233,350 $112,728 + 35% of excess over $416,700 $131,628 + 39.6% of excess over $470,700 33% 35% 39.6%