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An investor is considering a muni bond paying 3.13% and an investment grade corporate bond paying 5.65%. At what tax rate would they be indifferent

An investor is considering a muni bond paying 3.13% and an investment grade corporate bond paying 5.65%. 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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