Oriole Ltd. uses 4,410 meters of fine gauge brass each year. Brass wire costs $12 per meter, ordering costs are $44 per order, and carrying costs are $2.20 per meter. Currently, Oriole orders 700 meters in each order. Is this the most economical order size? If not, what is the economic order quantity? How much will Oriole save using the EOQ? (Round answers to 2 decimal places, e.g. 125.74.)

Economic order quantity=			meters
Oriole will save=		$	per year