The following data is given for Simpson Company:

Actual variable overhead costs $-$ $$460,000$

Budgeted variable overhead costs $-$ $$515,000$

Actual fixed overhead costs $-$ $$520,000$

Budgeted fixed overhead costs $-$ $$530,000$

Actual machine hours $-112,000$ hours

Budgeted machine hours $-111,000$ hours

What is the standard overhead allocation rate for fixed overhead using machine hours for the allocation base?

$($Round the final answer to the nearest cent.$)$