The Town of Normal issues a tax-exempt, municipal bond with a 4% yield. A taxable bond with similar risks and characteristics would have to pay % to be just as attractive for an investor with a marginal tax rate of 35% (i.e. What is the tax exempt equivalent yield)? Make sure to put your answer in as a percent and and the nearest 0.01% (e.g. write 3.50 if your answer is three and a half percent)