Calculate normalized effective tax rate.

COGS includes a non recurring expense.	2,100.0
SG&A includes severance costs.	255.0
Revenues	33,725.0
Cost of goods sold	15,295.0
Gross profit	18,430.0
Selling, general and administration	5,605.0
Operating profit	12,825.0
Net interest expense	285.0
Profit before tax	12,540.0
Tax expense	1,640.0
Net income	10,900.0
Marginal tax rate	22.0%

Select one:

13.1%

14.5%

17.2%

11.0%