An insurer writes property insurance on 100 buildings valued at $400,000 each. Each owner only insures 1/2 the value of their property. During the year, 3 of the buildings are totally destroyed and 20 more suffer average losses of $40,000. What is the pure premium rate (the rate necessary to cover the losses) for this insurance line, assuming no coinsurance? Measured in cost per $100 of insured property.