A rural utility company provides standby power to pumping stations using diesel-powered generators. An alternative has arisen whereby the utility could use a combination of wind and solar power to run its generators, but it will be a few years before the alternative energy systems are available. The utility estimates that the new systems will result in savings of $15,000 per year for 3 years, starting 2 years from now and $25,000 per year for 4 more years after that, i.e., through year 8. At an interest rate of 8% per year, determine the equivalent annual worth for years 1 through 8 of the projected savings.

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Q: Only typed solution

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