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Consider the following figure that presents three yield curves: High Quality Market (HQM) for Corporate Bonds (i.e., AAA, AA, or A rated bonds) AAA-rated municipal

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Consider the following figure that presents three yield curves: High Quality Market (HQM) for Corporate Bonds (i.e., AAA, AA, or A rated bonds) AAA-rated municipal bonds Treasury securities Based on the yield curves in the figure, what is the approximate cost of borrowing for highly rated corporate borrowers over a 5-year term

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