Hi, My estimate using an Epson 2200, dedicated strictly for printing photos and using Photo paper, is $2.34 an 8x10. I figure I get 30 prints per lt cyan and lt magenta, 40 prints per photo black and lt black, and 60 prints per cyan, magenta and yellow. Paper is $.50 per sheet (Ilford gallerie smooth gloss in 100 sheet packs).
I get my best results printing from profiles. Epson has profiles for download. Their watercolor is ok, their glossy is too red for my taste. If you go to Pictorico's web site they have profiles for download. I find that the profile for their photo gallery glossy paper works perfectly with the Ilford gallerie smooth gloss paper. I have found that printing using profiles seems to give me a print with more snap.