14. Swifty Co. purchased some equipment 3 years ago. The companys required rate of return is 12%, and the net present value of the project was $(1200). Annual cost savings were: $23000 for year 1; $19000 for year 2; and $14000 for year 3. The amount of the initial investment was

Year	Present Value of 1 at 12%	PV of an Annuity of 1 at 12%
1	0.893	0.893
2	0.797	1.690
3	0.712	2.402

a) $44450.

b) $46838.

c) $44438.

d) $46850.