Bunder Ltd uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Department M and on machine-hours in Department P. At the beginning of the year, Bunder made the following estimates: Department Department Direct labor cost Manufacturing overhead M P $ 29,000 $ 40,000 $90,000 $70,000 Direct labor-hours 6,000 9.000 Machine-hours 2,000 3.000 What predetermined overhead rate would be used in Department M. rounded to two decimal places?