Two options are available for painting your house (1) oil-based painting, which costs S4,800 and (2) water-based painting, which costs $3,000. The estimated lives of the painting projects are 10 years and 5 years respectively. For either option, no salvage value is expected at the end of the respective service lives. Assume that you will keep and maintain the house or 10 years. At an interest rate of 0%, which of the ollowing statements is correct: On an annual basis, oil-based painting will cost about S850 On an annual basis, water-based painting is about $22 cheaper than oil-based painting On an annual basis, both options cost about the sane On an annual basis, water-based painting will cost about $820