Sunland 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 $(1200). Annual cost savings were: $28000 for year 1: $24000 for year 2; and $19000 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