A parent company settles the collection account balances of its subsidiaries once a week. (That is, each week it transfers any balances in the accounts to a central account.) The cost of a wire transfer is $10. A check costs $0.80. Cash transferred by wire is available the same day, but the parent must wait three days for checks to clear. Cash can be invested at 12% per year. How much money must be in a collection account before it pays to use a wire transfer?

Minimum amount needed in a collection account = ?

Note: Use a 365-day year. Do not round intermediate calculations. Round your answer to 2 decimal places.

Please show all the work, Thank you!