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 2%, 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