tax-exempt municipal bond is trading in the market at a stated yield of 4%. A similar taxable bond is priced to a 6% yield. Your average tax rate is 25% and your marginal tax rate is 30%. Which of the yields below is the best estimate of the tax-exempt municipal bond's Tax Equivalent Yield?

A. 5.3%

B. 9.3%

C. 5.7%

D. 8.6%