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Consider a 30-year municipal bond with 23 years left to maturity. The bond is price at $995 and pays 7 percent coupon. If an investor

Consider a 30-year municipal bond with 23 years left to maturity. The bond is price at $995 and pays 7 percent coupon. If an investor with a marginal tax rate of 30 percent purchases this bond, what is his after-tax yield to maturity? Show your work below.

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