An investor recently purchased a corporate bond which yields 11.5%. The investor is in the 40% combined federal and state tax bracket. What is the bond's after-tax yield? Round your answer to two decimal places.

Corporate bonds issued by Johnson Corporation currently yield 10.5%. Municipal bonds of equal risk currently yield 5%. At what tax rate would an investor be indifferent between these two bonds? Round your answer to two decimal places. %

Vigo Vacations has $205 million in total assets, $5.1 million in notes payable, and $23.0 million in long-term debt. What is the debt ratio? Round your answer to two decimal places.