Local BMW dealer wants $220 for a new master key

I only have one master key and that is the only key I have for my 2000 740iL. And, the master key that I have is not working smoothly even with new battery. So, I wanted to order a new master key because I need a spare key anyway.

Went to local BMW dealer and they are asking $220. Is this sound reasonable? With tax, it will cost about $240.

Is pricing different from dealer to dealer?

Local BMW dealer wants $220 for a new master key