单选题 Assume an investor is in the 33% marginal tax bracket. He is considering the purchase of either a 8.2% corporation bond that is selling at par or a 5.6% tax-exempt municipal bond that is also selling at par. Given that the two bonds are comparable in all respects except their tax status, the investor should buy the:
  • A. corporate bond, since its after-tax yield is higher.
  • B. corporate bond, since it has the higher yield of 6. 3%.
  • C. municipal bond, since its taxable-equivalent yield is higher.
【正确答案】 C
【答案解析】[解析] 方法1： [*] 由于(免税)市政债券的应税等价收益率(8.4%)高于(应税)公司债券的收益率(8.2%)，因而应选择市政债券。 方法2： 公司债券的税后收益率=8.2%×(1-33%)=5.5% 由于(应税)公司债券的税后收益率(5.5%)低于(免税)市政债券的收益率(5.6%)，因而应选择市政债券。