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Please show all calculations, thank you a lot! Suppose a tax-exempt municipal bond has a yield of 5%. An otherwise equivalent taxable bond has a

Please show all calculations, thank you a lot!
Suppose a tax-exempt municipal bond has a yield of 5%. An otherwise equivalent taxable bond has a yield of 6%. 1) At what tax rate would an investor be indifferent between the two bonds? 2) What does 1) imply about who will hold the municipal bonds in this market? 3) Please describe some characteristics of revenue-backed municipal debt that would be consistent with high credit quality

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