homeowner in a sunny climate has the opportunity to install a solar water heater in...
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homeowner in a sunny climate has the opportunity to install a solar water heater in his home for a cost of $2400. After installation the solar water heater will produce a small amount of hot water every day, forever, and will require no maintenance. How much must the homeowner save on water heating costs every year if this is to be a sound investment? (The interest rate is 9% per year.)
A) $220 B) $248 C) $262 D) $216 E) $240
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