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Your client is considering a corporate bond with a 6.17% before-tax yield and a municipal bond with a 4.93% before-tax yield. At what marginal tax

Your client is considering a corporate bond with a 6.17% before-tax yield and a municipal bond with a 4.93% before-tax yield. At what marginal tax rate would the investor be indifferent between investing in the corporate and investing in the municipal bond?

A. 20.1%

B. 25.2%

C. 28%

D. 15.4%

PLEASE SHOW CALCULATION IN EXCEL

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