Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 31,000 direct labor-hours would be required for the periods estimated level of production. The company also estimated $576,000 of fixed manufacturing overhead expenses coming period and manufacturing overhead of $4.00 per direct labor-hour Harris's actual manufacturing overhead for the year was $760, 115 and its actual total direct labor was 31, 500 hours. Compute the company's predetermined overhead rate for the year (Round your answer to 2 decimal places.)