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A married couple from California is in the 31% Federal tax bracket and the 8% California tax bracket. They are considering a 5% Hawaii municipal

A married couple from California is in the 31% Federal tax bracket and the 8% California tax bracket. They are considering a 5% Hawaii municipal bond (Federal tax-free), a 5% California bond (double tax-free) or a 7% corporate bond (fully-taxable). Which bond offers the highest after-tax interest rate?

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