First, calculate the power used each day. Use the following formula:

where,
V: voltage = 240V
R: resistor = 16 Ω
Replace the previous values into the formula for P:

Then, consider that the energy used in kWh, each day, is:

And in a year, the energy used is:

And the cost will be:

Hence, the cost to run the heater in one year is 57290.4sen