Problem $7-16$ Comparing Bond Yields $($LG$7-6)$

A client in the $35$ percent marginal tax bracket is comparing a municipal bond that offers a $5\mathrm{.}60$ percent yield to maturity and a similar$-$risk corporate bond that offers a $7\mathrm{.}00$ percent yield.

Determine the equivalent taxable yield.

Note: Round your answer to $2$ decimal places.

Which bond will give the client more profit after taxes?

$\backslash$table$[[$Equivalent taxable yield,,$\%$