Usha Corporation Ltd. sought the advice of an investment advisor for deployment of surplus funds of around Rs. 45 lakh in the stock market. The advisor advised to invest in Bhonsle India Ltd. and charged Rs. 7,500 as his fee. Accordingly, UCL bought 8,500 equity shares of the face value of Rs. 10 each of Bhonsle @ Rs. 520 per share from NSE through a stockbroker, UTI Securities Ltd.
The broker charged a brokerage of 0.50%. Determine the cost of this investment.