calculate the after tax return of a 5.91 percent, 20 year, A rated corporate bond for an investor in the 15 percent marginal tax bracket. Compare this yield to a 5.34 %, 20 year, A rated, tax exempt municipal bond and explain which alternative is better. repeat the calculations and comparison for an investor in the 33 percent marginal tax bracket.

The after tax return of 5.91 percent 20 year, A rated corporate bond for an investor in the 15% marginal tax bracket is?