Consider a \(2-\mathrm{m}\)-high electric hot-water heater that has a diameter
of \(40 \mathrm{~cm}\) and maintains the hot water at \(60^{\circ} \mathrm{C}\).
The tank is located in a small room at \(20^{\circ} \mathrm{C}\) whose walls and
ceiling are at about the same temperature. The tank is placed in a 44 -cm-
diameter sheet metal shell of negligible thickness, and the space between the
tank and the shell is filled with foam insulation. The average temperature and
emissivity of the outer surface of the shell are \(40^{\circ} \mathrm{C}\) and
\(0.7\), respectively. The price of electricity is \(\$ 0.08 / \mathrm{kWh}\).
Hot-water tank insulation kits large enough to wrap the entire tank are
available on the market for about \(\$ 60\). If such an insulation kit is
installed on this water tank by the homeowner himself, how long will it take
for this additional insulation to pay for itself? Disregard any heat loss from
the top and bottom surfaces, and assume the insulation reduces the heat losses
by 80 percent.