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In 2006, agency bonds sold at a yield of 5.30%, while high-grade tax-exempts of comparable maturity offered 3.4% annually. If an investor receives the same

In 2006, agency bonds sold at a yield of 5.30%, while high-grade tax-exempts of comparable maturity offered 3.4% annually. If an investor receives the same after-tax return from corporates and tax-exempts, what is that investor's marginal rate of tax? (Enter your answer as a percent rounded to 2 decimal places.) Marginal tax rate %

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