You can purchase a 15-watt compact fluorescent lamp for $1 that is rated to last 10,000 hours. this lamp provides the same light output as a 75-watt incandescent lightbulb that costs $0.50 and lasts 1000 hours. based on an electric energy cost of $0.30/kwh, calculate the money saved over the life of the fluorescent lamp by using it instead of the conventional lightbulb. include the cost of the lightbulbs.

An external consultant recommends that a plant installs a bank of capacitors for power factor correction. this will reduce the peak electrical demand charges by an average of 93 kw every month. the plant current pays $13 per kw in peak demand charges. the capacitor bank will include 223 kw of fixed capacitors, and 183 of variable capacitors. the fixed capacitors cost $59 per kw, and the variable capacitors will cost $65 per kw. the consultant charges 21% of the equipment costs to install the capacitors. because this project will reduce the demand for the electric utility, they are prepared to provide a one-time rebate of $42 per kw of reduced demand. what is the simple payback period for this project (in years)?