$14$ Multiple Choice $1$ point

Chloe is single and in the $32\%$ federal and $3\%$ state tax brackets. She is considering the purchase of a municipal bond, issued in a state other than her state of residence, with a YTM of $7\%.$ Chloe's tax equivalent yield on the bond $($assume that she is not subject to the $3\mathrm{.}8\%$ Net Investment Income Tax$)$ is closest to:

b$.4\mathrm{.}76\%.$

c$.10\mathrm{.}29\%.$

d$.10\mathrm{.}77\%$

a$.4\mathrm{.}55\%.$