14. A company has taxable income of $350,000. Its tax rate schedule is as follows:

Taxable Income Tax Rate

$0 - $25,000 0

$25,001 - $75,000 15%

$75,001 - $150,000 25%

$150,001 - $300,000 32%

$300,001 - $500,000 36%

What is the company's average tax rate?

a. Less than 25%

b. Between 25.1% - 28%

c. Between 28.1% - 32%

d. Between 32.1% - 35%

e. Between 35.1% and 37%

f. Greater than 37%