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I'm trying to decide if I should stash my "going back to school" cash (will be needed next year) into a regular money market fund (paying 6.3%), or into a tax-exempt muni bond fund (current yield 3.22%)? I know this should be a fairly easy calculation based on my tax rates, but I can't seem to wrap my head around the numbers correctly.

Does anybody know of any calculators that might help with this, or at least rules of thumb? I'm in a fairly high tax bracket, and also live in CA (state taxes, too).


- Olivia
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