AIA Inc. is looking to manage its cash position using the EOQ model. The company is consuming cash at the rate of $5500 per day, and is open for business 365 days in the year. Each time the firm sells securities to obtain the cash, it costs them $220. The interest rate is 2.50%. What are the annual storage costs associated with the EOQ?
Place your answer to the nearest dollar without including a dollar sign or commas.