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3. An investor in the 28% income tax bracket is considering purchasing either a 4% municipal bond or a 5% corporate bond. Which of the following statements regarding the two bonds' after-tax yields is True?A. The municipal bond's yield is higher than the corporate bond's yield.b. The two bonds' yields are equivalent.C. The corporate bond's yield is higher than the municipal bond's yield.d. The yield difference cannot be determined.
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