A US company's annual earnings are $$232,000,000$ and the corporate tax rate is $21\%.$ Assume that the company pays out $100\%$ of its earnings as dividends. Calculate the effective tax rate on a dollar of corporate earnings paid out as dividends assuming a $15\%$ tax rate on dividend income.

$67\mathrm{.}15\%$

$15\mathrm{.}00\%$

$21\mathrm{.}00\%$

$11\mathrm{.}85\%$

$32\mathrm{.}85\%$