Question 9 You are a shareholder in a C-corporation. The corporation earns $12 per share before taxes. After paying corporate taxes, the firm distributes the rest of its earnings to you as a dividend. The dividend is income to you, so you will then pay taxes on these earnings. The corporate tax rate is 35% and your tax rate on dividend income is 10%. How much tax is paid on the earnings? Include both corporate and dividend tax. Enter your answer in the following format: 12.34