Problem $10-28$ Equivalent Annual Cost $[$LO$4]$

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 $$\mathrm{.}41$ and lasts $1,000$ hours. A $15-$watt LED, which provides the same light, costs $$3\mathrm{.}20$ and lasts for $12,000$ hours. A kilowatt$-$hour of electricity costs $$\mathrm{.}117.$ 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$.,32\mathrm{.}16.)$

$60-$watt incandescent light bulb

LED light bulb