1. Energy efficient refrigerator. You are tired of sharing a refrigerator with your roommate, so you decide to buy your own mini-fridge. You can buy a highly energy efficient mini-fridge at a cost of $100.00, or a normal mini-fridge at a cost of $80.00. The high-efficiency refrigerator uses 60. kWh/year (25.0% less energy than the normal refrigerator). The refrigerators each last 10.0 years, and the alternative use of the money would be to reduce your debt on a student loan with an interest rate of 5.00%/year. Assume electricity costs $0.150/kWh. Neglect inflation and the salvage value of the mini-fridges this one is going on the sidewalk when you graduate. [60 points] a. What is the simple payback time for buying the energy efficient minifridge instead of the normal mini-fridge? (20 points) b. What is the cost of conserved energy and annual energy cost savings for the high-efficiency refrigerator? (10 points) c. Which one would you buy, and what implications does this have for energy efficiency policies? There is no right or wrong answer, but to get full credit you must explain how the economic information you developed above influences (or doesnt influence) your answer, and consider what your economic motivations might mean if shared throughout society. (30 points)