Genentech Corporation, by analyzing its weekly balances in its checking account, has determined that the variance of cash flows is $3,000,000. Further, the cost of transferring money from the checking account to a money market account is $65 per transfer. The interest on the checking account is 1%, while that on the market account is 6%. Genentech wants to keep $5,000 as a minimum balance in the checking account. Find the annual cost of interest forgone.