A company produces gps receivers in batches. The estimated annual demand is 88008800 units. It costs about \$45.00$45.00 to setup the manufacturing process, and the carrying cost is about \$0.30$0.30 per unit per year. The production process can produce up to 145145 units per day. The demand during the production period has traditionally been 4545 units per day. The company operates the production area for 197197 days per year. Note: when calculating the daily demand rate, round to the nearest whole number.

Using these values and assuming the POQ assumptions are met, calculate the holding cost.