Question: You are considering switching from an existing component in a renewable energy system to a new component. Electrical use and capital cost data for the

You are considering switching from an existing component in a renewable energy system to a new component. Electrical use and capital cost data for the two components are shown below. You are to complete a present cost analysis to compare the two components. For each component calculate the following: New Existing Capital Costs a) Present cost (\$) Hint: New Component: Lasts 7 years, so is only purchosed once at time n=0. Hint: Existing Component: is purchased every year for n=7 years, so this is an annual cost Aangesoting Electricity Costs b) Calculate the annual electricity cost (\$) c) Convert these annual electricity costs to present costs (\$). d) Find the total present cost in \$ (capital + electricity) e) Which component would you purchase and briefly, why

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