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Cheeseburger and Taco Company purchases 14,971 boxes of cheese each year. It costs $24 to place and ship each order and $5.56 per year for

Cheeseburger and Taco Company purchases 14,971 boxes of cheese each year. It costs $24 to place and ship each order and $5.56 per year for each box held as inventory. The company is using Economic Order Quantity model in placing the orders.

What is the annual carrying costs of cheese inventory?

Round the answer to two decimals.

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