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What is the tax-equivalent yield of a state, local, and federally tax free 3.77% municipal bond if the investor is in the 33% federal and

What is the tax-equivalent yield of a state, local, and federally tax free 3.77% municipal bond if the investor is in the 33% federal and 8% state tax brackets? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%).

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