Jake Baldwin is looking for a fixed-income investment. He is considering two bond issues: a. A Treasury with a yield of 7.09% b. An in-state municipal bond with a yield of 5.38% Jake is in the 32% federal tax bracket and the 6% state tax bracket. Which bond would provide him with a higher tax-adjusted yield? The taxable equivalent yield on the Treasury bond is %. (Round to two decimal places.)