Max Financial Inc. is doing some research on Fixed Income but would like to look at Municipal Bonds for a

client that is concerned about her high tax rates, currently the client is in the $37\mathrm{.}3\%$ marginal tax rate.

Currently a $10-$year AA$-$rated corporate bonds yield $11\mathrm{.}64\%.$ The investment bank identifies a $10-$year

municipal bond issue that yields $8\mathrm{.}69\%.$ What rate does the municipal bond must earn so the investor is

indifferent between both bonds? Round to two decimals. Enter your answer as a percentage, for example if your

answer is $8\mathrm{.}75\%$ enter $8\mathrm{.}75$ only.