Which of the following is not a characteristic affecting the yields on debt securities? Default risk dividend yield tax status term to maturity Consider a taxable security that offers a before-tax yield of 13 percent. If the tax rate of an investor is 30 percent, the after-tax yield on the security will be percent. An investor is aware of a tax-free security that offers a yield of 5 percent. The investor is in the 20 percent tax bracket. What is the equivalent before-tax yield necessary to match the after-tax yield of the tax-exempt security? 5.0 percent 6.3 percent 20.0 percent4.0 percent