The city of Baltimore is considering a purchase of LED Christmas lights for the citys Christmas tree. Each string of LED Christmas lights will cost the city $35, will have a life expectancy of 10 years, and use $20 worth of electricity per year/string. The city currently uses the old-fashioned, incandescent Christmas lights that cost only $5 per string but the city has to replace them annually and each string uses $30 worth of electricity per year per string. The city asked you to assess the costs and benefits of this project. If the citys annual cost of capital is 6%, which type of lights would you recommend to the city and why? Note, the city requires that you present financial evidence to support your recommendation.