Metropolitan Water Utilities purchases surfacewater from
Chapter 4, Problem 4.34(choose chapter or problem)
Metropolitan Water Utilities purchases surfacewater from Elephant Butte Irrigation District at acost of $100,000 per month in the months ofFebruary through September. Instead of payingmonthly, the utility makes a single payment of$800,000 at the end of each calendar year for thewater it used. The delayed payment essentially representsa subsidy by Elephant Butte Irrigation Districtto the water utility. At an interest rate of 0.25%per month, what is the amount of the subsidy?
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