Dezin Manufacturing has sales of $403,200 and costs of $186,050. The company paid $34,950 in interest and $15,100 in dividends. It also increased retained earnings by $71,498 during the year. If the company's depreciation was $21,200, what was its average tax rate?

Multiple Choice

• 38.00%

• 21.64%

• 85.92%

• 46.21%

• 18.45%