An equipment rental firm purchased a new scissor lift to add to its rental fleet. The scissor lift cost $16,000 and is expected to have a useful life of 5 years. The salvage value at the end of the lift's useful life is estiamted to be $4,000. Maintenance and ownership costs for the lift are estimated to be $9 per hour rented, and the lift is expected to rented for 800 hours per year. Using an MARR of 7%, determine the lowest rental rate that the company should use. Express your answer in $/hr to the nearest cent.