In its 2024 annual report to shareholders, Black Incorporated disclosed the following information about income taxes.

A reconciliation of income taxes computed at the United States federal statutory income tax rate (20%) to the provision (benefit) for income taxes reflected in the Consolidated Statement of Operations for the years ended December 31, 2024, 2023, and 2022 is as follows ($ in millions):

	2024	2023	2022
Provision (benefit) for income taxes at United States federal statutory rate of 20%	$ 5.2	$ (4.9)	$ (11.3)
State and local income taxes, net of federal income tax benefit	(4.1)	(4.3)	(3.9)
Taxes on foreign income which differ from the United States statutory rate	(2.5)	0.6	(0.7)
Losses with no tax benefit	2.8	4.2	6.2
Benefit of foreign sales corporation	--	--	(0.5)
Other	0.5	(3.2)	--
	$ 1.9	$ (7.6)	$ (10.2)

The significant components of the net deferred tax assets at December 31, 2024 and 2023 were as follows ($ in millions):

	2024	2023
Deferred Tax Assets:
Net operating loss carry forwards	$ 141.6	$ 139.0
Sales incentive discounts	30.6	22.8
Inventory valuation reserves	15.0	8.3
Postretirement benefits	7.8	8.2
Other	64.2	74.1
Valuation allowance	(52.7)	(71.8)
Total deferred tax assets	$ 206.5	$ 180.6

	2024	2023
Deferred Tax Liabilities:
Tax over book depreciation	23.5	24.2
Tax over book amortization of patent	18.2	17.9
Other	19.1	16.3
Total deferred tax liabilities	60.8	58.4
Net deferred tax assets	$ 145.7	$ 122.2

Estimate the effective tax rate for Black Incorporated in 2024.

Note: Enter your answer as a percent rounded to 2 decimal places.