单选题 A municipal bond selling at 12% above par offers a yield of 3.2%. A taxable Treasury note selling at an 8% discount offers a yield of 4. 6%. An investor in the 32.5% tax bracket wishes to purchase an equal dollar amount of both bonds. The after-tax yield of the two-bond portfolio is closest to:

A、

A. 2.63%.
B、

B. 3.90%.
C、

C. 3.15%.

【正确答案】 C

【答案解析】The after-tax yield of the Treasury note is the stated yield times one minus the tax rate, or 4.6% times 67.5% , or 3.1%. To calculate the portfolio yield, take the average after-tax yields of both bonds, which is 3.15%.