3.(30 points) The following table provides information on different cost items associated with providing 1 megawatt of power from different energy sources In million$ First Cost Annual maintenance& Running costs Balancing the electricity see below System(annual cost) CO2 emissions avoided annual benefit) Disposing of nuclear-fuel rods(annual cost) Useful Life (years) Wind 24 1.2 Solar Hydro Nuclear 100 2.6 16 0.4 80 1.6 1.6 0.4 0.207 0.1695 0.75 0.8 0.5 30 20 15 40 Due to technological advancement, this cost item is expected to be $0.6 million for ONLY the first 5 years and reduce to $0.3 million and cut by half for every year thereafter Assume that annual interest rate is 3% and expected to stay 3% for the foreseeable future If the cost of providing 1 megawatt of power is $4M per year from a coal plant, would you replace the source of energy with any of the options above? If yes, which one? You can read the following article that provides some context for this question. However, you do not need the article to answer any of the questions. The numbers and the setup is altered to conform with the time constraints for a homework question http://www.economist.comews/finance-and-economics/21608646-wind-and-solar-power-are-even- more-expensive-commonly-thought-sun-wind-and