A firm is considering an investment in a new product with variable costs of $500,000 per year and relevant fixed costs of $200,000 per year. The equipment costs $1,500,000 at the beginning of the project and is depreciated straight line to a zero-book value over five years. All receipts and payments begin one year from today and end five years from today. In addition, the change in working capital in year 5 is $187,500, and the level of working capital is 15% of sales. Assume that the total present value of the after-tax cash flows from operations is $1,753,239. If the opportunity cost of capital is 10%, what is the corporate tax rate?