AB Co. purchased equipment 3 years ago. The company's required rate of return is 12%, and the net present value of the project was $(900). Annual cost savings were: $12000 for year 1; $10000 for year 2; and $8000 for year 3. The amount of the initial investment was Present Value PV of an Annuity Year of 1 at 12% of 1 at 12% 1 0.893 0.893 2 0.797 1.690 3 0.712 2.402 $23120 $25282 $24920 O$23482