# SOLUTION: By installing a \$120 thermostat that reduces the temperature setting at night, a family hopes to cut its annual bill for heating oil by 8 percent, and thereby recover the cost of t

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 Question 277666: By installing a \$120 thermostat that reduces the temperature setting at night, a family hopes to cut its annual bill for heating oil by 8 percent, and thereby recover the cost of the thermostat in fuel savings after 2 years. What was the family's annual fuel bill before installing the thermostat?Answer by mananth(12270)   (Show Source): You can put this solution on YOUR website!By installing a \$120 thermostat that reduces the temperature setting at night, a family hopes to cut its annual bill for heating oil by 8 percent, and thereby recover the cost of the thermostat in fuel savings after 2 years. What was the family's annual fuel bill before installing the thermostat? Let the annual bill for oil be x reduction is 8/100 *x for 2 years the reduction will be 8x/100 * 2 8x/100 * 2 = 120 16x/100 =120 16x=12000 x=12000/16 = 750 annual oil bill was \$750