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A tax-exempt municipal bond has a yield to maturity of 3.96%. An investor, who has a marginal tax rate of 32.00%, would prefer and an

A tax-exempt municipal bond has a yield to maturity of 3.96%. An investor, who has a marginal tax rate of 32.00%, would prefer and an otherwise identical taxable corporate bond if it had a yield to maturity of more than ____%.

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