At the end of the second quarter of 20X1, Malta Corporation assembled the following information the second quarter, sales were $1.214,000, purchases were 1. The first quarter resulted in a $104,000 loss before taxes. During 2 Cost of goods sold is determined using the FIFO method. The inventory at the end of the first quarter was r 3. The ehding inventory $664,000, and operating expenses were $334,000 educed by $18,000 to a recovered, and by the end of the period st quarter, the effective annual tax rate was estimated at 45 percent. At the end of the second quarter, expected fits from operating losses are assured beyond a reasonable doubt. Prior-years income totaling $50,000 is available for lower-of-cost-or-market figure of $92,000. During the second quarter, replacement costs rec market value exceeded the ending inventory cost by $15,250. is estimated using the gross profit method. The estimated gross profit rate is 46 percent 4 At the end of the fir annual income is $600,000. An irlvestment tax credit of $15,000 and dividends received deduction of $75,000 are expected for the year. The combined state and federal tax rate is 40 percent operating loss carrybacks Required: a. Calculate the expected effective annual tax rate at the end of the second quarter for Malta (Round your answer to 1 decimal place) 54 ?%