Consider a corporate bond with a yield of 6. 8% and a municipal bond (with equivalent risk) with a 4.9% yield. Which of the following statements is TRUE（）
A. An investor with a marginal tax rate of 40% prefers the corporate bond.
B. An investor with a marginal tax rate of 15% prefers the municipal bond.
C. An investor with a marginal tax rate of 28% is indifferent between the two bonds.
参考答案：C
解析：
An investor with a marginal tax rate of 28% has a tax-equivalent yield on the municipal bond of 6.8% and is, therefore, indifferent between the two bonds (of equivalent risk). As the marginal tax rate increases, the investor will prefer the municipal bond to the corporate bond. Note that with a marginal tax rate of 35%, the tax-equivalent yield for the municipal bond would be 4.9/(1-0.35), or 7.54%.