7-76. If the federal income tax rate is 35% and the state tax rate is 5% (and...

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7-76. If the federal income tax rate is 35% and the state tax rate is 5% (and state taxes are deductible from federal taxes), the effective income tax rate is

(a) 35%

(b) 37.5%

(c) 38.3%

(d) 40%

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