For the year that just ended, Breaker Industries had income before taxes of $1,660,000. The firm had 312,000 weighted-average common shares outstanding and declared a preferred stock dividend of $62,000. If Breaker’s EPS was $3.47, then Breaker’s income tax rate, rounded to the nearest whole number, was ________ percent.
A) 38
B) 29
C) 31
D) 35