Chapter 10 - Assignment Question 14 (of 15) value: 6.66 points Compact fluorescent lamps (CFLs) have become required in recent years, but do they make financial sense? Suppose a typical 60-watt incandescent light bulb costs $.36 and lasts 1,000 hours. A 15-watt CFL which provides the same light, costs $2.95 and lasts for 12,000 hours. A kilowatt-hour of electricity costs $.112, which is about the national average. A kilowatt-hour is 1,000 watts for 1 hour. If you require a return of 11 percent and use a light fixture 500 hours per year, what is the equivalent annual cost of each light bulb? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g, 32.16.) Equivalent annual cost 60-watt incandescent light bulb Compact fluorescent lamps