The Townsend Company makes pine tables, chairs, and dressers and computes its predetermined overhead rate each year on the basis of its direct labour hours. At the end of 2021 its actual overhead incurred was $2,504,000 and the actual direct labour hours were 124,322 . It estimates that in 2022 it will have 118,000 of direct labour hours and incur $2,388,000 in manufacturing overhead. Calculate the company's predetermined overhead rate for 2022