Econo Cool air conditioners cost $400 to purchase, result in electricity bills of $170 per year, and last for 5 years. Luxury Air models cost $600, result in electricity bills of $140 per year, and last for 8 years. The discount rate is 21% a. What is the equivalent annual cost of the Econo-Cool model? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Equivalent annual cost Econo-Cool b. What is the equivalent annual cost of the Luxury Air model? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Equivalent annul cost Luxury Air c. Which model is more cost-effective? O Econo-Cool O Luxury Air Econo Cool air conditioners cost $400 to purchase, result in electricity bills of $170 per year, and last for 5 years Luxury Air models cost $600, result in electricity bills of $140 per year, and last for B years. The discount rate is 21% a. What is the equivalent annual cost of the Econo-Cool model? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Equivalent annual cost Econo-Cool b. What is the equivalent annual cost of the Luxury Air model? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Equivalent annul cost Luxury Air Which model is more cost-effective? O Econo-Cool O Luxury Air