Failed Water Heater

The connection from the cold water supply line to my water heater has leaked, dripping water into the electrical components, down the inside of the heater and to the floor. The heater is no longer working. When I removed both covers along the side, the insulation inside was wet. Is this something that could possibly be repaired or should I be shopping for a new one? It's 5 years old.
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Got an apartment complex, that has some original (1978) era water heaters still chuggin along... Dunno about mine...never owned a home (honestly) long enough to get warranty out of the unit...this place had a brand new unit installed before we bought it, and its still under warranty....and thinking about selling..LOL....

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My water heater is in the attic where temperatures are routinely above 110 degrees f. Does this in any small way prolong the life of the unit?
It's also set on the lowest possible definition of "HOT."
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