Econo-Cool air conditioners cost $320 to purchase, result in electricity bills of $154 per year, and last for 5 years. Luxury Air modeis cost $520, resuit in electricity bils of $108 per year, and...

Extracted text: Econo-Cool air conditioners cost $320 to purchase, result in electricity bills of $154 per year, and last for 5 years. Luxury Air modeis cost $520, resuit in electricity bils of $108 per year, and last for 8 years. The discount rate is 25%. a. What is the equivalent annual cost of the Econo-Cool model? (Do not round intermediate calculations, Round your answers to 2 decimal pleces.) Econo-Cool Equivalent annual cost b. What is the equivalent annual cost of the Luxury Air model? (Do not round intermediete calculations. Round your answers to 2 decimal pleces.) Luxury Air Equivalent annual cost