In a large motor drive application under consideration, either a 5000-hp induction motor or a 5000-hp synchronous motor can be used. The estimated system efficiency of the synchronous motor with LCI drive is 96%, and that of the induction motor with CSI drive is 94%. The motor is projected to run 600 h per month. Determine the total energy cost savings over the 30-year expected life of the system using the synchronous motor if the energy cost is 10 cents/kWh. Also, determine the present worth of lifetime savings discounted at 6% annual rate (0.5% per month).