Assume that Rotana is indifferent between investing in a corporate bond that pays 12.20 percent interest and a stock with no growth potential that pays a 8.20 percent dividend yield. Assume that the tax rate on dividends is 15 percent. What is Rotana's marginal tax rate?

42.87 percent

32.65 percent

22.43 percent

11.21 percent

None of the choices are correct.