A Homeowner in a Sunny Climate Has the Opportunity to Install

Multiple Choice

A homeowner in a sunny climate has the opportunity to install a solar water heater in his home for a cost of $2400.After installation the solar water heater will produce a small amount of hot water every day,forever,and will require no maintenance.How much must the homeowner save on water heating costs every year if this is to be a sound investment? (The interest rate is 9% per year.)

A) $216
B) $240
C) $248
D) $262
E) $220