I agree with Mark that there can be complications, but the basic formula for 'tax equivalent yield' is:yield / (1 - exempted tax rate)In the case of T-Bills, we'd be talking about state taxes.Here in Mass we have a relatively simple, 5.3% flat state tax rate, or 0.053.So for a 5% T-Bill, to use round numbers, we're looking at:5 / (1 - 0.053) = 5 / .947 = 5.28%
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