XYZ is evaluating a project that would require the purchase of a piece of equipment for $450,000 today. During year 1, the project is expected to have relevant revenue of $771,000, relevant costs of $199,000, and relevant depreciation of $127,000. XYZ would need to borrow $450,000 today to pay for the equipment and would need to make an interest payment of $20,000 to the bank in 1 year. Relevant net income for the project in year 1 is expected to be $343,000. What is the tax rate expected to be in year 1?

		A rate equal to or greater than 36.01% but less than 48.56%
		A rate less than 20.67% or a rate greater than 48.56%
		A rate equal to or greater than 26.87% but less than 36.01%
		A rate equal to or greater than 23.46% but less than 26.87%
		A rate equal to or greater than 20.67% but less than 23.46%