Dezin Manufacturing has sales of $351,180 and costs of $168,590. The company paid $29,190 in interest and $13,750 in dividends. It also increased retained earnings by $67,286 during the year. If the company's depreciation was $18,095, what was its average tax rate?

Multiple Choice

• 15.45%

• 24.93%

• 40.11%

• 66.97%

• 31.90%