Problem $16-7$ Determining Management Fees $[$LO$16-1]$

Mathew Johnston invested a total of $$96,000$ in the New Colony Pacific Region mutual fund. The management fee for this particular fund is $0\mathrm{.}80$ percent of the total asset value. Calculate the management fee Mathew must pay this year.

Note: Round your answer to $2$ decimal places.

Management fee