Arieli, inc. has sales of $374,300 and costs of $176,350. The company paid $31,750 interest and $14,350 in dividends. It also increased retained earnings by $69,158 during the year. If the companys depreciation was $19,475, what was its average tax rate?

a)34.88%

b) 23.21%

c) 16.89%

d) 43.09%

e) 75.70%