Halliday Inc. receives a $2 million payment once a year. Of this amount, $750,000 is needed for cash payments made during the next year. Each time Halliday deposits money in its account, a charge of $6.95 is assessed to cover clerical costs. If Halliday can hold marketable securities that yield 5%, and then convert these securities to cash at a cost of only the $6.95 deposit charge, what is the total cost for one year of holding the minimum cost cash balance according to the Baumol model? Enter your answer rounded to two decimal places. Do not enter $ or comma in the answer box. For example, if your answer is $12,300.456 then enter as 12300.46 in the answer box.