please help #24

A 5-year corporate bond yields 9.50%. A 5 -year municipal bond of equal risk yields 6.5%. Assume that the state tax rate is zero. At what federal tax rate are you indifferent between the two bonds? (Round your final answer to two decimal places.) a. 25.40% b. 31.58% c. 33.98% d. 27.38% e. 32.99%