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A flat-plate solar collector is to be installed on the roof of a house for hot water needs of the house. The collector costs $650

A flat-plate solar collector is to be installed on the roof of a house for hot water needs of the house. The collector costs $650 including material and labor. It is estimated that the collector will save the house $375 per year from the energy it saves. Taking the interest rate to be 7 percent, determine the discounted and simple payback periods

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