The tax table for corporations is given below:

Taxable income Tax on base of bracket Rate on amount above base $0 - 50,000 $0 15% $50,000 - 75,000 $7,500 25% $75,000 - 100,000 $13,750 34% $100,000 - 335,000 $22,250 39% $335,000 - 10,000,000 $113,900 34% $10,000,000 - 15,000,000 $3,400,000 35% $15,000,000 - 18,333,333 $5,150,000 38% $18,333,333 and up $6,416,667 35%

Cuadrado, Inc. has a taxable income this year of $16,500,000. What is the firms average tax rate?

a. 69.21% b. 34.67% c. 36.85% d. 3.45% e. 38%