You are a shareholder in a C-corporation. The corporation earns $12 per share before taxes. After paying corporate taxes, the firm distributes the rest of its earnings to you as a dividend. The dividend is income to you, so you will then pay taxes on these earnings. The corporate tax rate is 35% and your tax rate on dividend income is 10%. What is your effective tax rate (i.e., your after-tax income/corporate earning)? Enter your answer in the following format: 0.1234

Hint: Answer is between 0.3705 and 0.4615