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Consider a corporate bond with a yield of 6.8% and a municipal bond (with equivalent risk) with a 4.9% yield. Which of the following statements is most accurate? A. An investor with a marginal tax rate of 28% is indifferent between the two bonds. B. An investor with a marginal tax rate of 40% prefers the corporate bond. C. The tax-equivalent yield for an investor with a 35% marginal tax rate is 7.32%. |