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 data are available. The company has budgeted for 6,250 hours of technician time during the coming year. It desires a $38 profit margin per hour of labor and an 84% 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. Labor rate $ perhour