A company expected its annual overhead costs to be $3,600,000 and direct labor costs to be $2,000,000. Actual overhead was $3,480,000, and actual labor costs totaled $2,200,000. How much is the companys predetermined overhead rate to the nearest cent?

A :

$1.74

B :

$1.64

C :

$1.80

D :

$1.57