The following facts relate to a company for 2021:

Income tax payable $188,600

Income tax expense 170,800

Taxable income 539,000

Pretax financial income 805,000

What is the effective income tax rate for 2021? Very important: Please present your answer in percentage format, and round the percentage amount to 2 decimal places if necessary. For example, your answer should look like 23.89% or 23.89 (the percentage sign, %, is optional), not 0.2389.