A portion of the current state business process for Woodgrove Bank is shown in the following exhibit. (Click the Exhibit button.) This portion of the business process is repeated every quarter for…

A portion of the current state business process for Woodgrove Bank is shown in the following exhibit. (Click the Exhibit button.) This portion of the business process is repeated every quarter for all 40 suppliers that the ESM group manages directly and is completed by one business manager and one supplier manager. You need to identify the total labor costs the bank would save by removing lines 2.8 and 2.11 from the process. What are the annual total savings?