Question: the correct answer is 3.22%. Please show all steps. A taxable bond with a coupon rate of 5.00% has a market price of 98.31% of

the correct answer is 3.22%. Please show all steps. A taxable

the correct answer is 3.22%. Please show all steps.

A taxable bond with a coupon rate of 5.00% has a market price of 98.31% of par. The bond matures in 12.00 years ans pays semi-annually. Assume an investor has a 38.00% marginal tax rate. The investor would prefer otherwise identical tax-exempt bond if it's yield to maturity was more than_% answered incorrect 8.37% Submit Correct Answer: 3.22% Points: 0 Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924)) More Details Retake Attempts Remaining: Infinity

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