The compressed-air requirements of a plant at sea level are being met by a 90-hp compressor that takes in air at the local atmospheric pressure of 101.3 kPa and the average temperature of 15°C and compresses it to 1100 kPa. An investigation of the compressed-air system and the equipment using the compressed air reveals that compressing the air to 750 kPa is sufficient for this plant. The compressor operates 3500 h/yr at 75 percent of the rated load and is driven by an electric motor that has an efficiency of 94 percent. Taking the price of electricity to be $0.105/kWh, determine the amount of energy and money saved as a result of reducing the pressure of the compressed air.