17 Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $5,040,000 (280,000 hours at $18/hour) and that factory overhead would be $1,580,000 for the current period. At the end of the period, the records show that there had been 260,000 hours of direct labor and $1,280,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead rate? (Round your answer to two decimal places.)