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Reptiles Inc earns $7.5 per share before taxes and faces an average tax rate of 19.5%. After it has paid taxes, Reptiles will distribute all

Reptiles Inc earns $7.5 per share before taxes and faces an average tax rate of 19.5%. After it has paid taxes, Reptiles will distribute all its earnings as dividend. The average shareholder faces a tax rate of 25% on dividend income.What is the effective tax rate?

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