During the year ended 30 June 2019, Fast Fones Industries Pty Ltd incurred the following costs.

Direct labour$826,300Direct material2,870,600Factory overhead6,889,440

The company charges factory overhead costs to work in process inventory and finished goods inventory using an overhead application rate based on direct materials costs.

Determine the company's overhead application rate.(Round answer to 2 decimal places, e.g. 15.25.)