Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year $473,600 Actual fixed overhead cost for the year $467,000 Budgeted standard direct labor-hours (denominator level of activity) 64,000 Actual direct labor-hours 65,000 Standard direct labor-hours allowed for the actual output 62,000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round Fixed portion of the predetermined overhead rate to 2 decimal places.)