If a taxpayer’s marginal tax rate is 33 percent, what is the after- tax yield on a corporate bond that pays 5 percent interest? If the average marginal tax rate of all taxpayers is 50 percent, will...

If a taxpayer’s marginal tax rate is 33 percent, what is the after- tax yield on a corporate bond that pays 5 percent interest? If the average marginal tax rate of all taxpayers is 50 percent, will the taxpayer with the 33 percent marginal tax rate prefer a corporate or a municipal security? Assume equivalent safety and maturity.