We consider the well known \emph{Least Recently Used} (LRU) replacement algorithm and analyze it under the independent reference model and generalized power-law demand. For this extensive family of demand distributions we derive a closed-form expression for the per object steady-state hit ratio. To the best of our knowledge, this is the first analytic derivation of the per object hit ratio of LRU that can be obtained in constant time without requiring laborious numeric computations or simulation. Since most applications of replacement algorithms include (at least) some scenarios under i.i.d. requests, our method has substantial practical value, especially when having to analyze multiple caches, where existing numeric methods and simulation become too time consuming.