Assume an investor is in the 30 percent federal tax bracket and faces a 5 percent marginal state tax rate. What is the combined TEY for a municipal bond paying 6 percent? Assume the investor lives and works in a state where municipal bond interest is exempt from state income tax. Also assume the investor itemizes state income tax on his(her) federal income tax form. Give your answer in percent to the nearest hundredth of a percent (2 digits to the right of the decimal point).