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a. What does Term Structure of Interest Rates explain? b. What is the effective after-tax yield to an investor from a municipal bond paying $80

a. What does Term Structure of Interest Rates explain?

b. What is the effective after-tax yield to an investor from a municipal bond paying $80 per $1,000 annually, if the investor is in a 25% marginal tax bracket? How would your answer change if the bond was a corporate bond? Explain.

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