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Based on the following table of the tax rates, what is the average tax rate for a firm with taxable income of $120,000? Taxable Income

Based on the following table of the tax rates, what is the average tax rate for a firm with taxable income of $120,000?

Taxable Income ($)

Tax Rate

0 50,000

15%

50,000 75,000

25%

75,000 100,000

34%

100,000 335,000

39%

39%

20%

34%

25%

None of the above

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