Given the following financial information for a bank (all in millions), Balance Sheet (in Millions) Assets Liabilities and Equity Cash and due from banks $ 9,600 Demand deposits Investment securities 29,000 NOW accounts Repurchase agreements 48,000 Retail CDs Loans 96.000 Debentures Fixed assets 21.000 Total liabilities Other assets 4,600 Common stock Paid-in capital Retained earnings Total assets $208,200 Total liabilities and equity $ 25,000 95,000 34,000 25,000 $179,000 12,000 4,000 13.200 $208,200 Income Statement Interest on fees and loans Interest on investment securities Interest on repurchase agreements Interest on deposits in banks Total interest income Interest on deposits Interest on debentures Total interest expense Net interest income Provision for loan losses Noninterest income Noninterest expenses Income before taxes Taxes Net income $ 9,600 4,600 6,600 1,600 $22.400 $ 9,600 2,600 $12,200 $10.200 2,600 2,600 1.600 $ 8,600 3,500 $ 5,100 Calculate the bank's tax management efficiency ratio 42.5% 23.7% 59.39 33.5