Renewable Energy Inc. is considering whether to invest in a solar park or a wind farm. Setting up the solar park will cost $20,000,000 and will generate $7,500,000 per year for 5 years. The wind farm will cost $35,000,000 to set up and will generate $8,000,000 per year for 10 years. Calculate the EAA for each investment, assuming that the company's required rate of return is 10% p.a.

Group of answer choices

The EAA for the solar park is $2,095,767 and the EAA for the wind farm is $2,077,772

None of the other answers is correct

The EAA for the solar park is $2,088,594 and the EAA for the wind farm is $2,056,950

The EAA for the solar park is $2.224,050 and the EAA for the wind farm is $2,303,911

The EAA for the solar park is $2,121,311 and the EAA for the wind farm is $2,000,098