Free company has net income, before taxes of $200,000, including $20,000 interest revenue from municipal bonds and $10,000 paid for officers' life insurance premiums where the company is the beneficiary. There are no other differences between financial income before taxes and taxable income. The tax rate of the current year is 20%. What is Free's effective tax rate? (Hint: (Effective tax rate = income tax expense/pretax net income.) a. the correct answer is not an option. b. 19.0% c. 21.0% d. 20.0%