A financial institution has estimated the following annual costs for its demand deposits: management cost per account = $130, average account size = $1400, average number of cheques processed per account per month = 35, cost of clearing a cheque = $0.11, and the average account keeping fee charged per customer per month = $2 The financial institution has determined to set the implicit interest cost of 3 percent by setting the per-cheque fee charged to customers to $_______. (round to two decimal places)