A firm has $100,000 in revenue. Cost of goods sold is $50,000 and depreciation expense is $25,000. The firm has issued $100,000 in bonds that yield 3%. It has 50,000 shares of common equity outstanding that currently sell for $1.50 each. The required rate of return on the companys stock is 9%. If the firm paid taxes of $7,600. What is the firms average tax rate? a) 34.55% b) 40.00% c) 35.00% d) none of the above