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Kelly Phillips, an investor who resides in Livingston NJ, has a marginal tax rate of 28%. If a NJ municipal bond has a coupon rate

Kelly Phillips, an investor who resides in Livingston NJ, has a marginal tax rate of 28%. If a NJ municipal bond has a coupon rate of 6.07% and a YTM of 5.69%, what is the equivalent pretax yield on a taxable bond?

Multiple Choice

6.14%
8.43%
7.90%
4.10%
4.37%

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