Jennifer is trying to decide if she should invest in a municipal bond issued by the state of North Carolina that pays 6% or a corporate bond issued by Hess Corporation that pays 8%. Jennifer's current tax rate is 33%. What is the tax-equivalent yield for the North Carolina bond?
a) 4.02%
b) 8.96%
c) 11.94%
d) 18.18%
e) 24.24%