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Curtis invests $ 4 2 5 , 0 0 0 in a city of Athens bond that pays 6 . 2 5 % interest. Alternatively,

Curtis invests $425,000 in a city of Athens bond that pays 6.25% interest. Alternatively, Curtis could have invested
the $425,000 in a bond recently issued by initech, incorporated that pays 6.25 percent interest with similar risk as the city of Athens bond. Assume that Curtis's marginal tax rate is 24%.
What is Curtis's after-tax rate of return on the city of Athens bond?

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