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Which of the following statements is true about bonds? An investor from Michigan that invests in a municipal bond issued by the State of Michigan

Which of the following statements is true about bonds?

An investor from Michigan that invests in a municipal bond issued by the State of Michigan will pay neither state nor federal taxes on the bonds coupon payments.

An investor from Michigan that invests in a municipal bond issued by the State of Michigan will pay federalbut not statetaxes on the bonds coupon payments.

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