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What does a life of 50,000 hours mean in the case of - LEDs?

What does a life of 50,000 hours mean in the case of - LEDs?
Update Time:2019-02-25
50,000 hours would imply 5.7 years if the light is operated for 24 hours in a day, 7.6 years if the lights are on 18 hours per day and 11.4 years for 12 hours a day.