A manufacturing company uses $1000$ non$-$returnable special pins a month, which it purchases at a cost of $$2$ each. The manager has assigned an annual holding cost of $20$ percent of the purchase price per pin. Ordering cost is $$40$ per order. Currently the manager orders $500$ pins 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.$)$