A new 25-hp motor is required to replace an old one. It will run 500 h per

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A new 25-hp motor is required to replace an old one. It will run 500 h per month, and the energy cost is $0.15/kWh. You have two options available:

(1) A standard motor with 90% efficiency at $3000 cost or 

(2) A high efficiency motor with 93% efficiency at $4000 cost. Determine the simple and discounted payback periods of the additional cost of a high-efficiency motor at a discount rate of 9% per annum.

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