The price for a gallon of whole milk has increased from 2006 to 2008. From 2006 to 2007, the cost of whole milk increased by approximately 56%. From 2007 to 2008, the cost of milk whole milk increased by approximately 42%. If, on average, the cost for a gallon of whole milk nationwide was $1.99 at the beginning of 2006, determine the cost for a gallon of whole milk by the end of the year 2008. Round your answer to the nearest cent.