A division of Midland Oil & Gas has a taxable income (TI) of $8.85 million for a tax year. If the state tax rate averages 5% for all states in which the corporation operates, find the equivalent after-tax rate of return (ROR) required of projects that are justified only if they can demonstrate a before-tax return of 22% per year. Use the table given below to calculate taxes, the average tax rate Te and after-tax ROR.