With regards to my previous question, kindly answer Question 4 for me

The Danish Energy Agency (DEA) is a major contributor to Denmark's role as a pioneer in the cost-effective transformation of the energy sector for the benefit of both the climate and the Danish economy. The DEA undertakes assignments related to energy production, supply and consumption and efforts to reduce CO2 emissions. The DEA also participates in international collaboration on energy transition in countries such as China, Mexico, Ukraine, Indonesia and South Africa, among others. The DEA is responsibleforsupporting the economic efficiency of the supply sector, which in addition to energy, comprises societally vital areas such as water, waste and telecommunications. The DEA sets a solid professional fingerprint on the policies pursued in this area and ensures the best possible conditions for the Danes to have delivery of a stable supply The DEA has existed since 1976 and is part of a group jointly organized under the Danish Ministry of Energy, Utilities and Climate. The DEA emphasizes a high level of professionalism and knowledge sharing among many disciplines and prides itself on having good colleagues and being a flexible workplace where there is room for individual needs. There are nearly 400 employees in the DEA, divided into offices in Esbjerg and Copenhagen In connection with the implementation of the energy reserves for the 2016 budget, funds have been set aside forinitiatives over a three-year period 2016-2018 that will help to propagate large heat pumps. The funds are earmarked for a traveling team that will advise district heating plants and other stakeholders on concrete options for the establishment of large heat pumps. The DEA's traveling team aims to help district heating plants and other stakeholders, such as processing companies, with the implementation of heat pump solutions. The team advises on specific opportunities for the establishment of large heat pumps. The advice is based on available energy resources and other technical conditions that determine the possibilities in the individual surrounding areas. The following assignment is based on the premise that the DEA has carried out a technical and economic evaluation of utilizing excess heat in the cooling towers of a company that produces industrial gases. Instead of cooling the industrial process by using ABC B/S electricity and water, cooling is proposed to be done by using a heat pump system that draws heat out of the cooling towers and uses it to heat the district heating plant network. It is expected that the company will reduce the cost of electricity and water for cooling by 2 million DKK per year. The proposed heat pump system is powered by electricity and produces 5% MW of thermal power. The facility's COP (Coefficient Of Performance), which is an expression of the relationship between the energy of the heat pump's output and input, is 4, which means that if the input to the heat pumpis 1 kWhof electricity, the output will be 4 kWh of heat. A COP of 4 is a relatively high value for aheat pump, and can be achieved here because in this case, 3-4 heat pumps are linked together. The price of the heat supplied to the district heating network is 337 DKK/MWh. The price of the electricity that drives the heat pump is 1.10 DKK/kWh. The company works in three shifts, seven days aweek, year and butthe heat pump system is only expected to be in operation for 360 days a year. The investment in the heat pump itself is 12 million DKK. In addition, connection to pipelines, a transformer, a building for the transformer and design work cost 3 mil- lion DKK. The lifetime of the investment is assumed to be 15 years anda discount rate is 8% per annum is used. The largest expense in the operating costs is the cost of electricity to operate the heat pump. In addition, maintenance, etc. will cost 2 million DKK per year. QUESTION 1 Calculate the annual operating expenses. Most often, the capital value method is used for assessing the profitability of investments, but in the solution of Question 2, the annuity method should be used. QUESTION 2 Transcribe all deposits and withdrawalsto a constant annuity over the life of the investment. QUESTION 3 Calculate the investment's present value, based on your answer to Question 2. QUESTION 4 Calculate the investment's dynamic payback period. The government has adopted a gradual phasing-outofthe PSO tax in the period 2017-2021, which will lead to lower electricity prices. When the PSO tax is fully phased out in 2022, the company's electricity price will be reduced to 0.85 DKK perkWh. QUESTION 3 Calculate the investment's present value, based on your answer to Question 2. QUESTION 4 Calculate the investment's dynamic payback period. The government has adopted a gradual phasing-outofthe PSO tax in the period 2017-2021, which will lead to lower electricity prices. When the PSO tax is fully phasedout in 2022, the company's electricity price will be reduced to 0.85 DKK per kWh. 2. QUESTION 5 How much will the profitability of the heatpump system improve, once the PSO taxis completelyphasedoutin 2022 and the company's electricity price is not increased by new taxes? In 2016, the Ministries of Energy, Supply and Climate enteredinto an energy-saving agreement with the Energy companies, which obliges energy companies to implement energy savings. Therefore, a company that carries out energy savings can sell the first year's energy savings to an energy company, as this helps the energy company to meet the agreed-upon energy saving goals. The Energy Saving Agreement applies for a 4-year period beginning January 1, 2017, and the selling price is often expected to be between 0.2 and 0.4 DKK per saved kWh. It is assumed here that the energy savings can be sold to an energy company for 300 DKK/MWh. Furthermore, it is assumed that the contribution from this is attributable to the end of the first year. QUESTION 6 If the price of electricity-as given in Question 2- is 1.10 DKK/kWh, how much will the sale of energy savings then increase the amount of deposit annuity calculated during the solution of Question 2? The Danish Energy Agency (DEA) is a major contributor to Denmark's role as a pioneer in the cost-effective transformation of the energy sector for the benefit of both the climate and the Danish economy. The DEA undertakes assignments related to energy production, supply and consumption and efforts to reduce CO2 emissions. The DEA also participates in international collaboration on energy transition in countries such as China, Mexico, Ukraine, Indonesia and South Africa, among others. The DEA is responsibleforsupporting the economic efficiency of the supply sector, which in addition to energy, comprises societally vital areas such as water, waste and telecommunications. The DEA sets a solid professional fingerprint on the policies pursued in this area and ensures the best possible conditions for the Danes to have delivery of a stable supply The DEA has existed since 1976 and is part of a group jointly organized under the Danish Ministry of Energy, Utilities and Climate. The DEA emphasizes a high level of professionalism and knowledge sharing among many disciplines and prides itself on having good colleagues and being a flexible workplace where there is room for individual needs. There are nearly 400 employees in the DEA, divided into offices in Esbjerg and Copenhagen In connection with the implementation of the energy reserves for the 2016 budget, funds have been set aside forinitiatives over a three-year period 2016-2018 that will help to propagate large heat pumps. The funds are earmarked for a traveling team that will advise district heating plants and other stakeholders on concrete options for the establishment of large heat pumps. The DEA's traveling team aims to help district heating plants and other stakeholders, such as processing companies, with the implementation of heat pump solutions. The team advises on specific opportunities for the establishment of large heat pumps. The advice is based on available energy resources and other technical conditions that determine the possibilities in the individual surrounding areas. The following assignment is based on the premise that the DEA has carried out a technical and economic evaluation of utilizing excess heat in the cooling towers of a company that produces industrial gases. Instead of cooling the industrial process by using ABC B/S electricity and water, cooling is proposed to be done by using a heat pump system that draws heat out of the cooling towers and uses it to heat the district heating plant network. It is expected that the company will reduce the cost of electricity and water for cooling by 2 million DKK per year. The proposed heat pump system is powered by electricity and produces 5% MW of thermal power. The facility's COP (Coefficient Of Performance), which is an expression of the relationship between the energy of the heat pump's output and input, is 4, which means that if the input to the heat pumpis 1 kWhof electricity, the output will be 4 kWh of heat. A COP of 4 is a relatively high value for aheat pump, and can be achieved here because in this case, 3-4 heat pumps are linked together. The price of the heat supplied to the district heating network is 337 DKK/MWh. The price of the electricity that drives the heat pump is 1.10 DKK/kWh. The company works in three shifts, seven days aweek, year and butthe heat pump system is only expected to be in operation for 360 days a year. The investment in the heat pump itself is 12 million DKK. In addition, connection to pipelines, a transformer, a building for the transformer and design work cost 3 mil- lion DKK. The lifetime of the investment is assumed to be 15 years anda discount rate is 8% per annum is used. The largest expense in the operating costs is the cost of electricity to operate the heat pump. In addition, maintenance, etc. will cost 2 million DKK per year. QUESTION 1 Calculate the annual operating expenses. Most often, the capital value method is used for assessing the profitability of investments, but in the solution of Question 2, the annuity method should be used. QUESTION 2 Transcribe all deposits and withdrawalsto a constant annuity over the life of the investment. QUESTION 3 Calculate the investment's present value, based on your answer to Question 2. QUESTION 4 Calculate the investment's dynamic payback period. The government has adopted a gradual phasing-outofthe PSO tax in the period 2017-2021, which will lead to lower electricity prices. When the PSO tax is fully phased out in 2022, the company's electricity price will be reduced to 0.85 DKK perkWh. QUESTION 3 Calculate the investment's present value, based on your answer to Question 2. QUESTION 4 Calculate the investment's dynamic payback period. The government has adopted a gradual phasing-outofthe PSO tax in the period 2017-2021, which will lead to lower electricity prices. When the PSO tax is fully phasedout in 2022, the company's electricity price will be reduced to 0.85 DKK per kWh. 2. QUESTION 5 How much will the profitability of the heatpump system improve, once the PSO taxis completelyphasedoutin 2022 and the company's electricity price is not increased by new taxes? In 2016, the Ministries of Energy, Supply and Climate enteredinto an energy-saving agreement with the Energy companies, which obliges energy companies to implement energy savings. Therefore, a company that carries out energy savings can sell the first year's energy savings to an energy company, as this helps the energy company to meet the agreed-upon energy saving goals. The Energy Saving Agreement applies for a 4-year period beginning January 1, 2017, and the selling price is often expected to be between 0.2 and 0.4 DKK per saved kWh. It is assumed here that the energy savings can be sold to an energy company for 300 DKK/MWh. Furthermore, it is assumed that the contribution from this is attributable to the end of the first year. QUESTION 6 If the price of electricity-as given in Question 2- is 1.10 DKK/kWh, how much will the sale of energy savings then increase the amount of deposit annuity calculated during the solution of Question 2