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