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8) A household is considering purchasing a washing machine and has narrowed the choice to...

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8) A household is considering purchasing a washing machine and has narrowed the choice to two alternatives. Machine 1 is a standard top-loading unit with a purchase cost of $500. This machine uses 40 gallons of water and 2 kilowatt-hours of electricity per load (assuming an electric water heater). The household would do roughly 8 loads of laundry per week with this machine. Machine 2 is a front-loading unit; it costs $1,000, but it can wash double the amount of clothes per load, and each load uses half the water and electricity. Assume that electricity costs 8 cents/kWh and water is $2 per 1,000 gals. Question: Develop a life cycle cost comparison of the two machines over a 10-year period without discounting. Which machine should be chosen if considering only cost? (5 pts)

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