The Tax Cuts and Jobs Act reduced the tax rates from 43.4% to 40.8%. Before the Tax Cuts and Jobs Act, muni bonds offered a 2.83% yield. Suppose after the tax cuts, that rate remained the same. What rate must taxable bonds now offer so that you are indifferent between muni and taxable bonds?

a) 4.13% b) 4.39% c) 4.62% d) 4.78% e) 4.85%