Maxwells annual financial statements show operating profit before interest and tax of $524,425 thousand, net income of $321,202 thousand, provision for income taxes of $91,720 thousand and net nonoperating expense before tax of $110,586 thousand. Assume Maxwells statutory tax rate for the year is 37%. Maxwells effective tax rate is:

A. 17.5%

You Answered B.28.6%

C. None of these are correct.

D. 37%

Correct Answer E. 22.2%

Can someone break this equation down for me? How is the correct answer 22.2%