I would not quite agree with that way of determining actual cost. The only way to do it right is to determine cost per mile.
My 2015 2500 6.0L flex fuel. I get an average of 14 mpg with it (gravel roads, highway, in town, off road, all of it) on regular. With E85, about 11 mpg average. Now, regular in my area is running around $2.08 right now. So the cost per mile is roughly 14.8 cents a mile. E85 right now is running $1.60, which at 11 mpg is roughly 14.5 cents a mile. I have been using E15 for quite a while. The mpg with it is similar to regular, but the fuel is about $1.99 now, for a cost per mile of around 14.2 cents a mile.
Premium is running around $2.60 in my area now. The mpg is no different than using regular in my ride. So the cost per mile would be 18.5 cents a mile. If I was choosing between E85 and premium, E85 would win in a landslide due to being about 4 cents a mile cheaper to use.
Each engine is different and mpg spreads will not be similar. Just basing things on a generic BTU lost percentage or some other generic idea won't give a real picture of cost benefit.