Marc, a single taxpayer, earns $62,800 in taxable income and $5,280 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2020, what is his effective tax rate? (Round your final answer to two decimal places.) (Use Tax rate schedule.) Multiple Choice O 20.58 percent 14.11 percent 20.58 percent 14.11 percent 15.30 percent 10.75 percent O None of the choices are correct 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $$18,400 Schedule V1 ME