Parker County Community College (PCCC) is trying to determine whether to use no insulation or to use insulation that is either 1 inch thick or 2 inches thick on its steam pipes. The heat loss from the pipes without insulation is expected to cost \($1.50\) per year per foot of pipe. A 1-inch thick insulated covering will eliminate 89 percent of the loss and will cost \($0.40\) per foot. A 2-inch thick insulated covering will eliminate 92 percent of the loss and will cost \($0.85\) per foot. PCCC Physical Plant Services estimates that there are 250,000 feet of steam pipe on campus. The PCCC Accounting Office requires a 10 percent/year return to justify capital expenditures. The insulation has a life expectancy of 10 years. Determine which insulation (if any) should be purchased using a ranking present worth analysis.