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Business, 12.05.2020 18:57 kmsg2000

A homeowner in a sunny climate has the opportunity to install a solar water heater in his home for a cost of $ 2 comma 900. 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 11% per year.)

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