Consider a 30-year U.S. municipal bond yielding 7.23 percent and a 30-year U.S. corporate bond yielding 11.75 percent . Find the equivalent tax-exempt yield on the corporate (taxable) bond for an investor with a 34 percent marginal tax rate. Make sure to express your answers as a percentage. Make sure to round your answers to the nearest 100th decimal points. For example, write 9.43 for 9.43%.