#16

A tax-exempt municipal bond with a coupon rate of 4.00% has a market price of 98.26% of par. The bond matures in 18.00 years and pays semi-annually. Assume an investor has a 18.00% marginal tax rate. The investor would prefer otherwise identical taxable bond if it's yield to maturity was more than _____%

Answer format:Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))