Question: Problem 7-31 Comparing Bond Yields (LG7-6) A client in the 34 percent marginal tax bracket is comparing a municipal bond that offers a 4.70 percent

Problem 7-31 Comparing Bond Yields (LG7-6) A client in the 34 percent marginal tax bracket is comparing a municipal bond that offers a 4.70 percent yield to maturity and a similar-risk corporate bond that offers a 6.55 percent yield. Determine the equivalent taxable yield. (Round your answer to 2 decimal places.)

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