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Assume you are in the 35 percent tax bracket and purchase a municipal bond with a yield of 7.75 percent. Use the formula presented in

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Assume you are in the 35 percent tax bracket and purchase a municipal bond with a yield of 7.75 percent. Use the formula presented in this chapter to calculate the taxable equivalent yleld for this investment. (Do not round intermedlate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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