A 300-ton screw chiller with an efficiency of 0.70 kW/ton operates with a leaving chilled water temperature of 4.5°C. Determine the cost savings incurred by installing an automatic controller that allows the leaving chilled water temperature at 7.5°C higher on average. Assume that the number of equivalent full-load hours for the chiller is 3,500 per year and that the electricity cost is $0.12/kWh.