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An investor is in the 28% federal tax bracket, pays an 9% state tax rate and 4% in focal income taxes. For this investor

An investor is in the 28% federal tax bracket, pays an 9% state tax rate and 4% in focal income taxes. For this investor a municipal bond paying 6% interest is equivalent to a corporate bond paying interest 11.86% O 10.17% 9.08% 9.68% 8.47%

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