Assume that Will's marginal tax rate is 20 percent and his tax rate on dividends is 15 percent. If a dividend-paying stock (with no growth potential) pays a dividend yield of 5 percent, what interest rate must the corporate bond offer for Will to be indifferent between the two investments from a cash-flow perspective?

Multiple Choice

7.32 percent

6.33 percent

5.31 percent

3.28 percent

None of the choices are correct.