Silver River Paddleboards Co. had $1,500,000 in sales for the year. Their income statement showed the following subtotals and total. The illustration shows a partial income statement. The first line has the title Gross Profit with the amount $1,000,000. The second line is titled Profit from Operations and has the amount $700,000. The third line is titled Profit before income tax and has the amount 675,000. The last line is titled Profit and has the amount 438,750. What was their income tax rate?