Nipper Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below:

Estimates made at the beginning of the year:
Estimated machine-hours	43,000
Estimated variable manufacturing overhead	7.25	Per machine hour
Estimated total fixed manufacturing overhead	840,000
Actual machine-hours for the year	43,400

The predetermined overhead rate for the recently completed year was closest to: