An electrical energy audit indicates that lighting consumes 12.5 × 10⁶ kWh/year. By using more efficient lighting fixtures, electrical energy savings of 8 percent can be achieved. The additional cost for these energy-efficient lighting fixtures is about $90,000 (due mostly to the need for new ballasts). Assuming that the average energy charge is $0.06/kWh, is the expenditure justified based on a minimum ROR (i.e., a discount rate) of 7.0 percent? Assume a ten-year life cycle and use the present worth, annual cost, and ROR methods.