A municipal bond has a coupon rate of $6\mathrm{.}04$ percent and a VTM of $5\mathrm{.}67$ percent. If an investor has a marginal tax rate of $39$ percent, what YTM would a takable bond have to offer to be just as good for the investor?

Multiple Choice

None of these is correct.

$9\mathrm{.}90\%$

$3\mathrm{.}46\%$

$3\mathrm{.}68\%$

$6\mathrm{.}49\%$