The following budget data pertain to the Machining Department of Grind Company: Maximum capacity 51,000 units Machine hours per unit 2.50 Variable factory overhead $ 4.00 per machine hour Fixed factory overhead $ 435,600 The company prepared the budget at 85% of the maximum capacity level. The department uses machine hours as the basis for applying standard factory overhead costs to production (outputs). The standard fixed overhead application rate for the Machining Department (to two decimal places) is