Three friends, Jodie, Natalie, and Neil have asked you to determine the equivalent

taxable yield on a municipal bond. The bond's current yield is $3\mathrm{.}75\%$ with $5$ years left

until maturity. Jodie is in the $15\%$ marginal tax bracket, Natalie is in the $25\%$ bracket

and Neil is in the $35\%$ bracket. Calculate the equivalent taxable yield for your $3$ friends.

Assuming a similar AAA rated corporate bond yields $4\%,$ which of your $3$ friends should

purchase the municipal bond?