Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 53,000 labor-hours. The estimated variable manufacturing overhead was $7.70 per labor-hour and the estimated total fixed manufacturing overhead was $1,001,700. The actual labor-hours for the year turned out to be 55,400 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year. (Round your answer to 2 decimal places.)