1. The problem statement, all variables and given/known data A household appliance consumes 1800W of power from a 120V wall plug. Calculate the power consumed due to a wire of length L = 22.0m and diameter D1 = 1.628mm (with resistivity p = 1.680 x 10-8Ωm). If a house spends $1400 per year in electricity bills, how much money can be saved per year by rewiring the house with a new wire of diameter D2 = 2.053mm? 2. Relevant equations P = IV 3. The attempt at a solution I have found the power dissipated by the wire, which should be P = 25.1W using the formula P = I2R (for the second wire) and P = 39.9W (for the first wire). However, I do not know how to relate this with the money spent. How should I approach this problem? I'm not sure on how to proceed. Thanks in advance.