In December 2008, Matsushi Electronic's management establishes the year 2009 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $760,000 of overhead costs and $580,000 of direct labor cost in year 2009. During March 2009, Matsushi began and completed Job No. 13-56.
What is the predetermined overhead rate for year 2009?