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What is the tax-equivalent yield of the following municipal bond? Price: $1,000 Coupon Rate: 7% Federal Tax Rate: 35% Maturity: 10 Years Group of answer

What is the tax-equivalent yield of the following municipal bond? Price: $1,000 Coupon Rate: 7% Federal Tax Rate: 35% Maturity: 10 Years Group of answer choices 28.0% 10.8% 9.5% 5.2% 7.0%

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