Power (P) is calculated by multiplying current (I) and voltage (V). This can be mathematically expressed as,
  Â
               P = I x V
               P = (2.0 A) x (120 V)Â
                 = 240 W
Converting 1 year to number of hours,
         1 year x (365 days/1 year) x (24 hr / 1 day)Â
                = 8760 hours
Calculating for the cost of power,
         Cost = (240 W) x (1 kW/1000 W) x ($0.12/kWh) x (8460 hours)
           Cost = $203.04
Thus, the yearly cost of power is approximately $203.04.Â