Required information [The following information applies to the questions displayed below.] Hafnacui Company reported pretax net income from continuing operations of $741,500 and taxable income of $507,500. The book-tax difference of $234,000 was due to a $217,000 favorable temporary difference resating to depreciation, an unfavorable temporary difference of $166,000 due to an increase in the reserve for bad debts, and a $183.000 favorable permanent difference from the recelpt of life insurance proceeds. c. Compute Hafnaoul Company's effective tax rate. Note: Round your answer to 2 decimal places