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

Estimated machine-hours		72,800
Estimated variable manufacturing overhead	$	3.50	per machine-hour
Estimated total fixed manufacturing overhead	$	838,740

Required:

Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places. Omit the "$" sign in your response)