Splish Brothers Co purchased some equipment 3 years ago. The company's required rate of return is 12%, and the net present value of the project was S(800). Annual cost savings were: $15000 for year 1: 13000 for year 2; and $11000 for year 3. The amount of the Initial investment was Present Value PV of an Annuity Year of 1 at 12% of leat 12% 0.893 1 2 0.797 0.893 1.690 2.402 3 0.712 $32388 $32026 $30788. $30426