3. The pumping cost for delivering water from the Ohio River to Wheeling Steel for cooling hot rolled steel was $1.8 million for the first 5 years. An effective energy conservation program resulted in a reduced cost of $1.71 million in year 6, $1.625 million in year 7, and amounts decreasing by 5% each year through year 15. What is the equivalent annual worth of the pumping costs at an interest rate of 8% per year