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An investor is considering a muni bond paying 3 . 4 7 % and an investment grade corporate bond paying 5 . 1 8 %

An investor is considering a muni bond paying 3.47% and an investment grade corporate bond paying 5.18%. At what tax rate would they be indifferent between the two bonds? State your answer as a percentage with two decimal places and not in decimal form itself (i.e.13.21 not .1321).
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