PDQ, Inc., expects EBIT to be approximately $13.3 million per year for the foreseeable future, and it has 40,000 20-year, 10 percent annual coupon bonds outstanding. What would the appropriate tax rate be for use in the calculation of the debt component of PDQ's WACC? (Round your answer to 2 decimal places.) EDIT: The answer is NOT one of the given tax brackets on the table 11.1 and must be calculated.

table 11.1 Corporate Tax Rates Tax Rate Taxable income $50,ooo 15% 75, ooo 50,001 25 75,001 100,000 335,000 100,001 39 10,000,000 335,001 10,000,001 35 15,000,000 18,333,333 38 15,000,001 18,333,334 35