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A municipal bond has a coupon rate of 4.5% and just sold for 104.56. It matures on December 1, 2023. What is its tax-equivalent yield?

A municipal bond has a coupon rate of 4.5% and just sold for 104.56. It matures on December 1, 2023. What is its tax-equivalent yield? Assume a marginal tax rate of 40% and interest is paid June 1 and December 1. ISSUE DATE IS 09/10/2020

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