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Review title: Calculation error in this book?
Product review: I have only read chapter 19, on muni bonds, which was of most interest to me. However, on page 119, isn't that an error where when calculating the TEY for the Treasury bond they divide by 1-(federal + state/local) tax rate? Shouldn't that just be 1-(state/local) tax rate since Treasuries are not exempt from federal tax? It looks like they made a cut and past error, pasting in the denominator from the muni TEY calculation of the same page. The difference is 7.9% vs what I think is the correct 5.2%; a big difference.
