After completing its capital spending for the year, Carlson Manufacturing has $1,100 of extra cash. The companys managers must choose between investing the cash in Treasury bonds that yield 2.1 percent or paying the cash out to investors who would invest in the bonds themselves.

a. If the corporate tax rate is 21 percent, what personal tax rate would make the investors equally willing to receive the dividend or to let the company invest the money? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.)