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A company expected its annual overhead costs to be $400,000 and direct labor costs to be $1,000,000. Actual overhead was $870,000, and actual labor costs

A company expected its annual overhead costs to be $400,000 and direct labor costs to be $1,000,000. Actual overhead was $870,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent?

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