In a chemical plant, a certain chemical is heated by hot water supplied by a natural gas furnace. The hot water (c_p = 4180 J/kg·K) is then discharged at 60°C at a rate of 8 kg/min. The plant operates 8 h a day, 5 days a week, 52 weeks a year. The furnace has an efficiency of 78 percent, and the cost of the natural gas is $1.00 per therm (1 therm = 105,500 kJ). The average temperature of the cold water entering the furnace throughout the year is 14°C. In order to save energy, it is proposed to install a water-to-water heat exchanger to preheat the incoming cold water by the drained hot water. Assuming that the heat exchanger will recover 72 percent of the available heat in the hot water, determine the heat transfer rating of the heat exchanger that needs to be purchased and suggest a suitable type. Also, determine the amount of money this heat exchanger will save the company per year from natural gas savings.