7. Betty is a single individual. In 2017, she receives $5,000 of tax-exempt income in addition to her salary and othe investment income. Betty's 2017 tax return showed the following information: Gross income Deductions for adjusted gross income Adjusted gross income Itemized deductions Personal exemption Taxable income Income tax Less: Income tax withheld from wages Refund $90,000 (4,000) $86,000 (14,600) 4,050) $67,350 $12,576 (12,600) $24 Which of the following statements concerning Betty's tax rates is (are) correct? Betty's average tax rate is 18.7%. Betty's average tax rate is 17.4%. Betty's effective tax rate is 18.7%. Betty's effective tax rate is 17.4%. Ill. IV, a. Statements I and III are correct b. StatementsI and IV are correct. c. Statements II and IIl are correct. d. Statements II and IV are correct 1Page