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P 1 - 4 5 . Maggie has the choice between investing in a State of New York bond at 5 percent and a corporation

1 - 45 .

Maggie has the choice between investing in a State of New York bond at

5

percent and a corporation bond at

8

percent. Assuming that both bonds have the same nontax characteristics and that Maggie has a

30

percent marginal tax rate, in which bond should she invest?

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