Corporate bonds issued by Johnson Corporation currently yield 8.0%. Municipal bonds of equal risk currently yield 5.5%.

Suppose the values for this problem change to:

Corporate Bond Yield: 8.5%

Municipal Bond Yield: 3.3%

At what personal tax rate would an investor be indifferent? Round your solution to two decimals and enter it without the percentage sign, i.e. you would enter 12.3456789% as 12.34.