The cost-volume-profit analysis can also be used in personal financial decision-making. Suppose you are considering acquiring an oven and are looking to buy one that saves you on energy costs. You have already managed to narrow down your decision to two possible devices with the following information: The cost of electricity in your city is $0.19 per kWh. The average lifespan of an oven is 12 years. The average usage time of an oven for a family like yours is 500 hours a year. REQUIRED: Using the above data, answer the following questions. 1. What is the variable electricity cost per year for each oven? 2. Using the answer to the previous question, what is the "contribution margin" of the more efficient oven in relation to the less efficient one? That is, express the annual energy savings of the more efficient equipment. 3. If the savings in energy costs are equal to the additional fixed cost of acquiring the more efficient oven, we can say that we have reached the break-even point of this investment. Ignoring the present value of money, how many years will it take you to reach the break-even point if you invest in the more efficient equipment? That is, how many years will it take you to recover the additional fixed cost required by the more efficient equipment. 4. What other factors beyond cost should be considered when making the decision about this purchase