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Nora has identified a Moody's Corp corporate bond and a Henrico County bond. The yield on the corporate bond is 5.50% while the municipal bond

Nora has identified a Moody's Corp corporate bond and a Henrico County bond. The yield on the corporate bond is 5.50% while the municipal bond yields 5.00%. Nora's federal and state marginal tax rates are 24.00% and 7.00%, respectively.

At what combined marginal tax rate is one indifferent between these two securities?

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