Right after graduating from Memorial University, you got your first job for Newfoundland Power . Your boss wants you to assess the opportunity to install and use a photovoltaic system to produce electricity from solar energy. The unit cost of electricity currently produced by the hydroelectric power plant is $0.06 per kilowatt-hour. The photovoltaic system is characterized by the following amounts: Item Value Equipment and tools: - solar cell batteries wiring power control $2,600 $1,000 $800 $100 Operating costs $100/year Batteries must be replaced every 5 years while power control is replaced every 10 years. Assuming a service life of 20 years, annual interest rate of 9.7%, capacity of the photovoltaic system of 30 kilowatt-hours per day and ignoring the installation cost, should Newfoundland Power implement the system? NOTE: Show all your workings, i.e., assumptions, rationale, formulae, cash flow diagrams, etc., to get full credit