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{.}43$

and lasts $1,000$ hours. A $15-$watt L$.$ED$,$ which provides the same light, costs $$3\mathrm{.}30$ and

lasts for $12,000$ hours. A kilowatt$-$hour of electricity costs $$119.$ A kilowatt$-$hour is $1,000$

watts for $1$ hour. If you require a return of $10$ 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$.,32\mathrm{.}16.)$