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Required information

Problem $17-77($LO $17-5)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Hafnaoui Company reported pretax net income from continuing operations of $$832,000$ and taxable income of $$517,000.$ The book$-$tax difference of $$315,000$ was due to a $$210,000$ favorable temporary difference relating to depreciation, an unfavorable temporary difference of $$84,000$ due to an increase in the reserve for bad debts, and a $$189,000$ favorable permanent difference from the receipt of life insurance proceeds. At the end of the year, the reserve for bad debts had a balance of $$105,000$; the beginning balance in the account was $$21,000.$ Hafnaoui's beginning book $($tax$)$ basis in its fixed assets was $$1,004,000($$$806,000)$ and its ending book $($tax$)$ basis is $$1,510,000($$$1,102,000).$

Problem $17-77$ Part c $($Algo$)$

c$.$ Compute Hafnaoui Company's effective tax rate.

Note: Round your answer to $2$ decimal places.

Effective tax rate

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