22) Evaluation of capital budgeting projects with different lives (10 points) The city of Baltimore is considering a purchase of LED Christmas lights for the city's Christmas tree. Each string of 500 LED Christmas lights will cost the city $50, will have a life expectancy of 10 years, and use $20 worth of electricity per year. The city currently uses the old-fashioned, incandescent Christmas lights that cost only $5 per string of 500 lights, but the city has to replace them annually and each string uses $50 worth of electricity per year. The city asked you to assess the costs and benefits of this project. If the city's annual cost of capital is 8% and the city will need to purchase 10.000 strings of lights, which type of lights would you recommend to the city and why? Note: The city requires that you present financial evidence to support your recommendation. Show a step by step solution, with a well explained recommendation for the city