The compressed-air requirements of a plant are met by a 150-hp compressor equipped with an intercooler, an after cooler, and a refrigerated dryer. The plant operates 4800 h/yr, but the compressor is estimated to be compressing air during only one-third of the operating hours, that is, 1600 hours a year. The compressor is either idling or is shut off the rest of the time. Temperature measurements and calculations indicate that 40 percent of the energy input to the compressor is removed from the compressed air as heat in the after cooler. The COP of the refrigeration unit is 3.5, and the cost of electricity is $0.06/kWh. Determine the amount of the energy and money saved per year as a result of cooling the compressed air before it enters the refrigerated dryer.