ABC Corp had accounting income of $134,250 in Year 1. Included in the calculation of that amount is the CEO's life insurance expense of $4,295, which is not deductible for tax purposes. In addition, the undepreciated capital cost (UCC) for tax purposes is $12,040 lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year. Assuming IFRS and a constant tax rate of 21.59%, what will be the effective income tax rate for Year 1? a. 23.39% b. 24.51% c. 22.28% d. 23.95% e. 22.84%