Given the tax rates as shown, what is the average tax rate for a firm with taxable income of $218,740?
Taxable Income Tax Rate
$0 - $50,000 15%
$ 50,001 - $75,000 25%
$75,001 - $100,000 34%
$ 100,001 - $335,00 39%
a. 28.43 percent
b. 25.38 percent
c. 39.00 percent
d. 30.67 percent
e. 31.34 percent