Compact fluorescent lamps (CFLs) have become more popular in recent years, but do they make financial sense? Suppose a typical 60-watt incandescent light bulb costs $0.42 and lasts 1,000 hours. A 15-watt CFL, which provides the same light, costs $3.25 and lasts for 12,000 hours. A kilowatt-hour of electricity costs $0.118, which is about the national average. A kilowatt-hour is 1,000 watts for 1 hour. If you require a 11 percent return and use a light fixture 500 hours per year, what is the equivalent annual cost of each light bulb? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places. (e.g., 32.16)) Equivalent annual cost 60-watt incandescent light bulb $ Compact fluorescent lamps $