Question 8 (8 points) Rob purchased a house on May 1st, 2020 and replaced the wall insulations to reduce the heat loss resulting from poor insulation in his house. His estimate shows that with the new insulation, he could cut the heating bill during the winter season (December, January and February of every year) by $28 per month. He could also cut the air-conditioning cost during the summer season (June, July and August of every year) by $63 per month. What would be the present worth of Rob's savings due to this insulation if he keeps his house for 7 years assuming that the savings occur at the beginning of each year? This scenario also assumes that neither heating nor air conditioning would be required during the fall and spring seasons. Rob's interest rate is 9% compounded monthly. Enter your answer without the $ sign in the box below with two decimal place accuracy. Draw a cashflow diagram (worth 2 of the 8 marks), Write the PW equation in factor format without plugging in the numerical values (worth 4 of the 8 marks), Solve for the annual savings (worth 2 of the 8 marks). Your Answer: Answer Question 8 (8 points) Rob purchased a house on May 1st, 2020 and replaced the wall insulations to reduce the heat loss resulting from poor insulation in his house. His estimate shows that with the new insulation, he could cut the heating bill during the winter season (December, January and February of every year) by $28 per month. He could also cut the air-conditioning cost during the summer season (June, July and August of every year) by $63 per month. What would be the present worth of Rob's savings due to this insulation if he keeps his house for 7 years assuming that the savings occur at the beginning of each year? This scenario also assumes that neither heating nor air conditioning would be required during the fall and spring seasons. Rob's interest rate is 9% compounded monthly. Enter your answer without the $ sign in the box below with two decimal place accuracy. Draw a cashflow diagram (worth 2 of the 8 marks), Write the PW equation in factor format without plugging in the numerical values (worth 4 of the 8 marks), Solve for the annual savings (worth 2 of the 8 marks). Your