A fresh produce distributor uses 860 nonreturnable packing crates a month, which it purchases at a cost of $3 each. The manager has assigned an annual holding cost of 20 percent of the purchase price per crate. Ordering cost is $30 per order. Currently the manager orders 860 crates at a time. How much could the firm save annually in ordering and holding costs by using the EOQ? (Round the final answer to 2 decimal places.) Annual savings