The table below contains data on Fincorp, Inc., the balance sheet items correspond to values at year-end of 2010 and 2011, while the income statement items correspond to revenues or expenses during the year ending in either 2010 or 2011. All values are in thousands of dollars.
Revenue
$3,300
$3,400
Cost of goods sold
1,250
1,350
Depreciation
430
450
Inventories
385
520
Administrative expenses
430
480
Interest expense
80
80
Federal and state taxes*
330
350
Accounts payable
385
520
Accounts receivable
502
620
Net fixed assetsâ€
4,300
5,030
Long-term debt
1,300
1,700
Notes payable
1,085
770
Dividends paid
270
270
Cash and marketable securities
730
230
* Taxes are paid in their entirety in the year that the tax obligation is incurred.
†Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.
What was the firm’s average tax bracket for each year? (Round your answers to 2 decimal places.)
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