Gossett Co. invested in equipment 3 years ago. The company's acceptable rate of return is 12%, but the actual net present value of the investment was ($700) (negative). Annual net cash flows were: $12,000 for year 1; $18,000 for year 2; and $9,000 for year 3. Use the following Present Value of $1 table:

Year (period)	6%	10%	12%	15%
1	0.943	0.909	0.893	0.870
2	0.890	0.826	0.797	0.756
3	0.840	0.751	0.712	0.658

Calculate the amount of the initial investment (original cost).