Financial security which is tax exempted and issues by state governments to individuals is classified as

Financial security which is tax exempted and issues by state governments to individuals is classified as Correct Answer municipal bonds

Financial security which is tax exempted and issues by state governments to individuals is classified as municipal bonds. Municipal bonds are loans investors make to local governments. They are issued by cities, states, counties, or other local governments. For that reason, the interest they pay on the bonds is tax-free.
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