Consider the purchase of a 4-watt LED light to replace a 35-watt incandescent light. The LED light costs $3 and is estimated to save $0.48 per year in electricity costs if

replacing the 35-watt incandescent light. The new light has an estimated lifetime of 12 years. Assume a discount rate of 6% and electricity costs $0.13/kWh. What is the levelized cost of saved energy, in $/kWh. That is, how much has to be paid per kWh of electricity saved? Be careful about the sign (Explain your answer in words, for clarity.)