Consider a piece of equipment for which the expenditure at the beginning of period 1 is $20,000

The net revenue at the end of year 1 is $8,000

The net revenue at the end of year 2 is $14,000

The net revenue at the end of year 3 is $18,000, which includes salvaging the equipment.

The interest rate is 5%.

What is the annuity payment occuring at the end of years 1, 2, and 3 that has the same net present value as net present value of the investment if the annuity factor is given by