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A geothermal heat pump can save up to 80 percent of the annual heating and cooling bills of a certain home in the north-eastern U.S. in this region, the yearly cost of conventionally cooling and heating a 2,000 square foot house is about $2,500. With a federal tax credit of 30 percent on the total installation of the system, how much can a homeowner afford to spend for a geothermal heat pump if the interest rate is 9 percent per year? The expected life of the heat pump is 15 years.

Please help 5 stars rewarded to whoever includes a "cash flow diagram", also please show clear steps

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91227032

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