A homeowner in a sunny climate has the opportunity to install a solar water heater in his home for a cost of $2900. 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 5% per year.)
A) $145
B) $160
C) $175
D) $190
Answer: A
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What will be an ideal response?
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