Rey Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available.

		Time Charges			Material Loading Charges
	Technicians' wages and benefits	$132,500			-
	Parts manager's salary and benefits	-			$33,200
	Office employee's salary and benefits	22,790			17,620
	Other overhead	14,840			43,560
	Total budgeted costs	$170,130			$94,380

The company has budgeted for 5,300 hours of technician time during the coming year. It desires a $38 profit margin per hour of labor and an 80% profit on parts. It estimates the total invoice cost of parts and materials in 2020 will be $726,000.

Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.)

Labor rate

$

per hour