Question: please show work 1) A muni is offering a yield of 3.25%. Your firm has a 35% marginal tax rate. a) Explain the one major

please show work please show work 1) A muni is offering a yield of 3.25%.

1) A muni is offering a yield of 3.25%. Your firm has a 35% marginal tax rate. a) Explain the one major characteristic of a muni bond. b) What's the muni's Tax Equivalent Yield (TEY)

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