A corporation can earn 7.50% if it invests in municipal bonds. The corporation can also earn 8.60% (before- tax) by investing in preferred stock. Assume that the two investments have equal risk. What is the break- even corporate tax rate that makes the corporation indifferent between the two investments? Assume a 50.00% dividend exclusion for tax on dividends. (Do not round your intermediate answer and round your final answer to two decimal places.) O $19.60% O 25.58% O 31.84% O 22.62% O 15.95%