A manufacturing company has a standard costing system based on standard machine-hours (MHs) as the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below Denominator level of activity 6,400 MHS Overhead costs at the denominator activity level: Variable overhead cost $33,920 Fixed overhead cost $122.240 The following data pertain to operations for the most recent period: Actual hours 6,800 MHS Standard hours allowed for the actual output 6,493 MHs Actual total variable overhead cost $37,340 Actual total fixed overhead cost $123,990 What is the predetermined overhead rate to the nearest cent?