Ivanhoe Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to to $462,500 for the year, and machine usage is estimated at 125,000 hours. For the year, $486,000 of overhead costs are incurred and 130,000 hours are used. (a) Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 52.75.) Overhead rate $ per machine hour