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(12 marks) John is thinking of getting a new furnace even though the furnace he has now works fine. A new furnace will be 20%
(12 marks) John is thinking of getting a new furnace even though the furnace he has now works fine. A new furnace will be 20% more efficient than his old one though. It will cost John $4,800 to have a new furnace installed. This past winter, John spent $3,000 on heating costs. Required a) (4 marks) Calculate the payback period in years (to the nearest two decimal places). Show all work.
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