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Nowadays it is very important to reduce one's carbon "footprint\" {how much carbon we produce in our daily lifestyles). Minimizing the use of fossil fuels and instead resorting to renewable sources of energy (9.9., solar energy) are vital to a "sustainable" lifestyle and a lower carbon footprint. Let's consider solar panels that prewarm the water fed to a conventional home water heater. The solar panels have an installed cost of $2,400, and they reduce the homeowner's energy bill by $362 per year. The residual value of the solar panels is $456 at the end of their 8-year life. What is the annual IRR of this investment? Use the trial-and-error method starting with an initial guess of 9%. E) a The annual IRR of this investment is /o. Round to two decimal laces. P (b) If the homeowner's MARR is 9%, is the investment economical? (:3 A. Yes [It B. No