Ross Co. purchased some equipment 3 years ago. The companys required rate of return is 4%, and the net present value of the project was $(1,114). Annual cost savings were: $46,756 each year for years 1-3. The amount of the initial investment was

Preset Value of $1

n	1%	2%	3%	4%	5%	6%	8%	10%	12%
1	0.9901	0.9804	0.9709	0.9615	0.9524	0.9434	0.9259	0.9091	0.8929
2	0.9803	0.9612	0.9426	0.9246	0.9070	0.8900	0.8573	0.8265	0.7972
3	0.9706	0.9423	0.9151	0.8890	0.8638	0.8396	0.7938	0.7513	0.7118
4	0.9610	0.9239	0.8885	0.8548	0.8227	0.7921	0.7350	0.6830	0.6355
5	0.9515	0.9057	0.8626	0.8219	0.7835	0.7473	0.6806	0.6209	0.5674
6	0.9421	0.8880	0.8375	0.7903	0.7462	0.7050	0.6302	0.5645	0.5066
7	0.9327	0.8706	0.8131	0.7599	0.7107	0.6651	0.5835	0.5132	0.4524
8	0.9235	0.8535	0.7894	0.7307	0.6768	0.6274	0.5403	0.4665	0.4039
9	0.9143	0.8368	0.7664	0.7026	0.6446	0.5919	0.5003	0.4241	0.3606
10	0.9053	0.8204	0.7441	0.6756	0.6139	0.5584	0.4632	0.3855	0.3220
11	0.8963	0.8043	0.7224	0.6496	0.5847	0.5268	0.4289	0.3505	0.2875
12	0.8875	0.7885	0.7014	0.6246	0.5568	0.4970	0.3971	0.3186	0.2567
13	0.8787	0.7730	0.6810	0.6006	0.5303	0.4688	0.3677	0.2897	0.2292
14	0.8700	0.7579	0.6611	0.5775	0.5051	0.4423	0.3405	0.2633	0.2046
15	0.8614	0.7430	0.6419	0.5553	0.4810	0.4173	0.3152	0.2394	0.1827
16	0.8528	0.7285	0.6232	0.5339	0.4581	0.3937	0.2919	0.2176	0.1631
17	0.8444	0.7142	0.6050	0.5134	0.4363	0.3714	0.2703	0.1978	0.1456
18	0.8360	0.7002	0.5874	0.4936	0.4155	0.3503	0.2503	0.1799	0.1300
19	0.8277	0.6864	0.5703	0.4746	0.3957	0.3305	0.2317	0.1635	0.1161
20	0.8195	0.6730	0.5537	0.4564	0.3769	0.3118	0.2146	0.1486	0.1037
21	0.8114	0.6598	0.5376	0.4388	0.3589	0.2942	0.1987	0.1351	0.0926
22	0.8034	0.6468	0.5219	0.4220	0.3419	0.2775	0.1839	0.1229	0.0826
23	0.7954	0.6342	0.5067	0.4057	0.3256	0.2618	0.1703	0.1119	0.0738
24	0.7876	0.6217	0.4919	0.3901	0.3101	0.2470	0.1577	0.1015	0.0659
25	0.7798	0.6095	0.4776	0.3751	0.2953	0.2330	0.1460	0.0923	0.0588