A division of Midland Oil & Gas has a taxable income (TI) of $9.2 million for a tax year. If the state tax rate averages 6% 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. If Taxable Income (S) Is: Of the But Not Over Tax Is Amount over over 50,000 15% 0 50,000 75,000 7,500+25% 50,000 75,000 13,750+34% 75,000 100,000 100,000 335,000 22,250 39% 100,000 335,000 335,000 10,000,000 113,900+34% 15,000,000 10,000,000 3,400,00035% 5,150,00038% 10,000,000 15,000,000 18,333,333 15,000,000 35% 18,333,333 0