Estimate the cost savings for replacing a 750 kVA transformer of an efficiency of 99.2 % by an energy-efficient transformer of 99.6 % if the average power factor of the transformer load is 85% and the cost of electricity is \($0.12/kWh.\) The total annual full load hours for operating the transformer is 7500 h/year. If the cost for the energy-efficient transformer is \($15,000,\) assess if it is cost-effective to replace the existing transformer (consider a simple payback period of less than 5 years for the replacement to be cost-effective).