An on-demand hot water heater saves energy associated with stand-by losses from a conventional water heater tank. You ne

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An on-demand hot water heater saves energy associated withstand-by losses from a conventional water heater tank. You need toreplace your water heater and have a choice between stand-bynatural gas heater (EF=0.75 (efficiency)) for $1000 and aconventional natural gas water heater (EF=0.65) for $750. Annualheated water usage amount is 60,000 gallons. The heaters would belocated in the basement with average air temperature of 65°F andthe hot water setting is 125°F. a)b)c)(10 points) What is natural gas energy required to keep theconventional heater tank at desired temperature?(10 points) What is the annual energy savings of the on-demandheater over the conventional heater based on stand-by losses?(10 points) If natural gas costs $1.10/therm, what are the annualmonetary savings of the on- demand heater and the simple paybacktime of its incremental cost?