3.18 An entrepreneurial electrical engineer has ap- proached a large utility with a proposal that prom ises to reduce the utility's power bill by at least 15% per year for the next 5 years through installa- tion of patented surge protectors. The proposal states that the engineer will get $20,000 now and annual payments that are equivalent to 75% of the power savings achieved from the devices. Assum- ing the savings are the same every year at 15% and that the utility's power bill is $1 million per year what would be the equivalent uniform amount for years 1 to 5 of the payments to the engineer at an interest rate of 6% per year