Chris wants to add a 2-KW solar photovoltaic system to his home and has received a quote from an installer for $19,750. The federal government will give him a tax credit of 30% on his combined taxes (**ASSUME TAXES AS A PERSON, Not a corporation in this case**). His marginal tax rate is 29%, provincial law requires the utility company to buy back all excess power generated by the system. Chris estimated annual power bill of $2000 will be eliminated by the solar system, plus he expects to receive a cheque for $600 each year for his excess production. If the tax credits are received at the end of year 1, use present worth analysis to determine if the system is economic in 8 years. Assume that Chris earns 3% on his investments.