PDQ, Inc., expects EBIT to be approximately $13.2 million per year for the foreseeable future, and it has 50,000 20-year, 8 percent annual coupon bonds outstanding. (Use Table 11.1)

table 11.1

Income Tax Rate

10,000,001- 15,000,000 35%

335,001-10,000,000 34%

100,001-335,000 39%

75,001-100,000 34%

50,001-75,000 25%

0-50,000 15%

What would the appropriate tax rate be for use in the calculation of the debt component of PDQs WACC? (Round your answer to 2 decimal places.)