Vince Little has been asked to monitor the efficiency and effectiveness of a newly installed machine. The specialized machine has been guaranteed by the manufacturer to packaged 7,800 engine gaskets per kilowatt hour( kWh). The rate of defects on production is estimated at two percent. The machine is equipped with a device to measure the number of kilowatt hours used. During the first month of use , the machine packaged 1,390,000 gaskets, of which 17,900 were flawed and it used 175kWhs.

Assume that the company was charged $3.20 per kWh during the first month of use, how much is the savings/overspending on electricity cost?