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A Homeowner in Queensland Has the Opportunity to Install a Solar

question 14

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A homeowner in Queensland has the opportunity to install a solar water heater in her home for a cost of $3 000. 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 8.5% per year.)


Definitions:

Quadratura

A technique of ceiling painting that uses trompe l'oeil and other forms of perspective to create the illusion of three-dimensional architecture on a flat surface.

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