The following information pertains to a company for 2020:

Pretax financial income $8,000

After-tax financial income 8,000

Taxable income 12,000

Income tax expense 2,200

Income tax payable 4,400

In the companys 2020 income statement, what is effective tax rate? Very important: Please present your answer in percentage format, and round the percentage amount to 2 decimal places. For example, your answer should look like 34.56% or 34.56 (the percentage sign, %, is optional), not 0.3456.