Problem 15-9 Calculating Tax-Equivalent Yield [LO15-4] Assume you are in the 35 percent tax bracket and purchase a 4.30 percent, tax-exempt municipal bond. Calculate the taxal equlvalent yleld for this investment using the formula: Taxable equivalent yield = Tax-exempt return / (1 Your tax rate ) Note: Enter your answer as a percent rounded to 2 decimal places