After completing its capital spending for the year, Carlson Manufacturing has $$1,200$

extra cash. Carlson's managers must choose between investing the cash in Treasury

bonds that yield $2$ percent or paying the cash out to investors who would invest in the

bonds themselves.

a$.$ If the corporate tax rate is $22$ percent, what personal tax rate would make the

investors equally willing to receive the dividend or to let Carlson invest the money?

$($Do not round intermediate calculations and enter your answer as a percent

rounded to the nearest whole number, e$.$g$.,32.)$