In this problem how also did they figure the tax bracket was 34%?

4. EFN The most recent financial statements for Cornell, Inc., are shown here: INCOME STATEMENT RE BALANCE SHEET Sales $43,000 Assets $104,500 Debt $ 28,200 Costs 30,200 Equity 76,300 Taxable income $12,800 Total $104,500 Total $104,500 Taxes (34%) 4,352 Net income $ 8,448 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2,600 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $50,310. What is the external financing needed