Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated dollar 94,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of dollar 2.00 per direct labor-hour. Harris's actual manufacturing overhead for the year was dollar 123, 900 and its actual total direct labor was 21,000 hours. Required: Compute the company's predetermined overhead rate for the year. (Round your answer to 2 decimal places.)