Question: Suppose a 1 0 - year US Treasury Note yields 4 . 6 5 % , and a 1 0 - year Lubbock County Note

Suppose a 10-year US Treasury Note yields 4.65%, and a 10-year Lubbock County Note yields 3.75%. If an investor has a marginal tax rate of 24%, calculate the tax-equivalent yield for the tax-exempt bond. (Enter percentages as decimals and round to four decimals)

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