Please answer the given financial question based on the context.
Context: notes to consolidated financial statements ( continued ) note 7 2014income taxes ( continued ) as of september 30 , 2006 , the company has state and foreign tax loss and state credit carryforwards , the tax effect of which is $ 55 million . certain of those carryforwards , the tax effect of which is $ 12 million , expire between 2016 and 2019 . a portion of these carryforwards was acquired from the company 2019s previous acquisitions , the utilization of which is subject to certain limitations imposed by the internal revenue code . the remaining benefits from tax losses and credits do not expire . as of september 30 , 2006 and september 24 , 2005 , a valuation allowance of $ 5 million was recorded against the deferred tax asset for the benefits of state operating losses that may not be realized . management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with the tax effects of the deferred tax liabilities , will be sufficient to fully recover the remaining deferred tax assets . a reconciliation of the provision for income taxes , with the amount computed by applying the statutory federal income tax rate ( 35% ( 35 % ) in 2006 , 2005 , and 2004 ) to income before provision for income taxes , is as follows ( in millions ) : 2006 2005 2004 as restated ( 1 ) as restated ( 1 ) .
||2006|2005 as restated ( 1 )|2004 as restated ( 1 )|
|computed expected tax|$ 987|$ 633|$ 129|
|state taxes net of federal effect|86|-19 ( 19 )|-5 ( 5 )|
|indefinitely invested earnings of foreign subsidiaries|-224 ( 224 )|-98 ( 98 )|-31 ( 31 )|
|nondeductible executive compensation|11|14|12|
|research and development credit net|-12 ( 12 )|-26 ( 26 )|-5 ( 5 )|
|other items|-19 ( 19 )|-24 ( 24 )|4|
|provision for income taxes|$ 829|$ 480|$ 104|
|effective tax rate|29% ( 29 % )|27% ( 27 % )|28% ( 28 % )|
( 1 ) see note 2 , 201crestatement of consolidated financial statements . 201d the company 2019s income taxes payable has been reduced by the tax benefits from employee stock options . the company receives an income tax benefit calculated as the difference between the fair market value of the stock issued at the time of the exercise and the option price , tax effected . the net tax benefits from employee stock option transactions were $ 419 million , $ 428 million ( as restated ( 1 ) ) , and $ 83 million ( as restated ( 1 ) ) in 2006 , 2005 , and 2004 , respectively , and were reflected as an increase to common stock in the consolidated statements of shareholders 2019 equity. .
Question: what was the lowest effective tax rate in the three year period?


Answer: The answer is:0.27