Curtis invests $475,000 in a city of Athens bond that pays 675% interest. Alternatively, Curtis could have invested the $475,000 in a bond recently issued by Initech, Inc. that pays 8.25% interest with similar risk as the city of Athens bond. Assume that Curtis's marginal tax rate is28%. How much explicit tax would Curtis incur on interest earned on the Initech, Inc. bond? $28, 215 $10, 972 $8, 978 $23, 085 None of the choices are correct