Problem 17.047 A division of Midland Oil & Gas has a taxable income TI) of $8.35 million for a tax year. If the state tax rate averages 7% for all states in which the corporation operates, find the equivalent after-tax rate of return (ROR) required of projects that are justified only if they can demonstrate a before-tax return of 22% per year, use the table given below to calculate taxes, the average tax rate Te and after-tax ROR If Taxable Income (S) Is: But Not over Of the Amount over Over Tax Is 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 1 5% 7,500 + 25% 13,750 + 34% 22.250 + 39% 113.900 + 34% 3,400,000 + 35% 5.150.000 + 38% 35% 50,000 75,000 100,000 335,000 10,000,000 15,000,000 7% The equivalent after-tax ROR is determined to be [