2. A pump for a pipe system has initial cost of $4,700 and efficiency of 66%. The fluid being transported in the system is 30% propylene glycol solution. The propylene glycol is flowing at 300 gpm with average temperature of 40ºF. At this condition, the head required from the pump is 37 ft. The system operates continuously all year long with an estimated 10% downtime for maintenance and repair. The cost of electricity $0.11/kWh. The system is expected to last for 30 years and provide a rate of return of the 18%. Show the annual cost of the pump. (rho = 64.304 lbm/ft3)