Suppose a bank purchases a bank$-$qualified bond from a small city, county, or school district and the bond carries a nominal gross rate of return of $9$ percent.

An investments officer is considering purchasing a $$1,000$ par$-$value Treasury note that promises a $7\mathrm{.}3$ percent coupon rate.

The bank had to borrow the funds needed to make this purchase at an interest rate of $7\mathrm{.}5$ percent and is in the $25$ percent tax bracket.

The bond$$s net annual after$-$tax return $($after all funding costs and taxes$)$ must be: