Light emitting diodes (LED) light bulbs have become required in recent years, but do they make financial sense? Suppose a typical 60-watt incandescent light bulb costs $.47 and lasts 1,000 hours. A 15-watt LED, which provides the same light, costs $3.50 and lasts for 12,000 hours. A kilowatt-hour of electricity costs $.123. A kilowatt-hour is 1,000 watts for 1 hour. If you require a return of 9 percent and use a light fixture 500 hours per year, what is the equivalent annual cost of each light bulb? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. 60-watt incandescent light bulb $ 3.63 LED light bulb $ 1.18 X