Novak 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 fata are available. The corngany has budgeted for 6,250 hours of technician time during the coming year. It desires a $38 protit margio per hour of labor and an 86X profit on parts it estimates the total invoice cost of parts and materials in 2022 will be $700.000. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate per hour