Consider an existing 200 hp motor with 94% efficiency at a load factor of 0.9. The motor runs for 6000 hours per annum. Determine the payback period if this motor is replaced with a 200 hp new motor with a 96% efficiency assuming the new motor runs at same load factor and operating hours per annum. The energy costs are 8 cents/kWh. The cost of the new motor is $7,000.00.