BH Mining declared an 80 percent partly franked dividend of $0.70 per share. The company pays a corporate tax rate of 30 percent. If a shareholder holds 100 shares of BH Mining and the shareholder's marginal tax rate is 37 percent, the tax payable by the shareholder is $__________

the answer is 10.78%

please write and explain clearly. write formula i can follow step by step