Mitch-Cohen Company produces a specialty wood furniture product, and has the following information available concerning its inventory items:

Relevant ordering costs per purchase order $406

Relevant carrying costs per year for each package:

Required annual return on investment 12%

Required other costs per year $5.18

The purchase price per package is $48. If the economic order quantity (EOQ) is given as 1,455 units, computer the annual relevant carrying costs.