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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

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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 5.38 and lasts 1.000 hours. A 15-watt LED, which provides the same light costs $3.05 and lasts for 12.000 hours. A kilowatt-hour of electricity costs 5.114 A kilowatt-hour is 1000 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.) 60-watt incandescent light bulb LED light bulb

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