Suppose that you observe two identical bonds except for the fact that one bond is taxable and the other one is tax$-$exempt. The taxable bond is currently priced at par. The tax$-$exempt bond is currently priced at $$1,074\mathrm{.}12.$ Both bonds have $5$ years left to maturity, $$1000$ par value, and pay annual coupons of $6\%.$ Calculate the tax rate that would make an investor indifferent between investing in these two bonds.

Suppose that you observe two identical bonds except for the fact that one bond is taxable and the other one is tax$-$exempt. The taxable bond is currently priced at par. The tax$-$exempt bond is currently priced at $$1,074\mathrm{.}12.$ Both bonds have $5$ years left to maturity, $$1000$ par value, and pay annual coupons of $6\%.$ Calculate the tax rate that would make an investor indifferent between investing in these two bonds.