The U.S. Corporate Tax Rate Schedule is shown below. EXHIBIT 11.6 U.S. Corporate Tax Rate Schedule in 2016 Just like the tax system for individuals, the tax system for corporations in the United States is progres- sive, with marginal tax rates ranging from 15 percent to as high as 39 percent. Taxable Income More But Not Than More Than Tax Owed $0 $50,000 15% of amount beyond $0 $50,000 $75,000 $7,500 + 25% of amount beyond $50,000 $75,000 $100,000 $13,750 + 34% of amount beyond $75,000 $100,000 $335,000 $22,250 + 39% of amount beyond $100,000 $335,000 $10,000,000 $113,900 + 34% of amount beyond $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% of amount beyond $10,000,000 $15,000,000 $18,333,333 $5,150,000 + 38% of amount beyond $15,000,000 $18,333,333 35% on all income What was the average tax rate of a corporation that had a taxable income of $10.375 million in 2016? (Round answer to 1 decimal place, e.g. 17.5%.) Average tax rate 33.26 %