After completing its capital spending for the year, Carlson Manufacturing has $$2,300$ of extra cash. The company's managers must choose between investing the cash in Treasury bonds that yield $3\mathrm{.}3$ percent or paying the cash out to investors who would invest in the bonds themselves.

a$.$ If the corporate tax rate is $23$ 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$.,32.)$

Personal tax rate $$

b$.$ Is the answer to $($a$)$ reasonable?

$$ Yes

No

c$.$ Suppose the only investment choice is a preferred stock that yields $5\mathrm{.}5$ percent. The corporate dividend exclusion of $50$ percent applies. What personal tax rate will make the stockholders indifferent to the outcome of the company's dividend decision? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$