$($Prepared from a situation suggested by Professor John W$.$ Hardy.$)$ Granite City Meat Processing Corporation is a major processor of beef and other meat products. The company has a large amount of T$-$bone steak on hand, and it is trying to decide whether to sell the T$-$bone steaks as is or to process them further into filet mignon and New York cut steaks.

Management believes that a $1-$pound T$-$bone steak would yield the following profit:

Wholesale selling prifee $($$$2\mathrm{.}70$ per pound$)$

$$2\mathrm{.}70$

Less joint costs incurred up to the split$-$off point where

T$-$bone steak can be identified as a separate

$1\mathrm{.}60$

product

Profit per pound

$$1\mathrm{.}10$

As mentioned above, instead of being sold as is$,$ the T$-$bone steaks could be further processed into filet mignon and New York cut steaks. Cutting one side of a T$-$bone steak provides the filet mignon, and cutting the other side provides the New York cut. One $16$ounce T$-$bone steak cut in this way will yield one $7-$ounce filet mignon and one $8-$ounce New York cut; the remaining ounces are waste. The cost of processing the T$-$bone steaks into these cuts is $$0\mathrm{.}18$ per pound. The filet mignon can be sold for $$4\mathrm{.}00$ per pound, and the New York cut can be sold wholesale for $$3\mathrm{.}30$ per pound.

Required:

Determine the profit per pound from processing the T$-$bone steaks further into filet mignon and New York cut steaks. $($Do not round intermediate calculations. Round your final answer to $2$ decimal places.$)$