The following data pertain to an investment proposal: Cost of the Investment Annual cost savings Estimated salvage value Life of the project Discount rate $48,000 $14,000 $4,000 5 years 10% Present value of $1: EXHIBIT 11B-1 Present Value of $1; Periods 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 0.885 0.925 0.907 0.890 0.873 0.857 0.842 0.826 0.812 0.797 0.783 0.889 0.864 0.840 0.816 0.794 0.772 0.751 0.731 0.712 0.693 0.855 0.823 0.792 0.763 0.735 0.708 0.683 0.659 0.636 0.613 0.822 0.784 0.747 0.713 0.681 0.650 0.621 0.593 0.567 0.543 0.790 0.746 0.705 0.666 0.630 0.596 0.564 0.535 0.507 0.480 0.760 0.711 0.665 0.623 0.583 0.547 0.513 0.482 0.452 0.425 0.731 0.677 0.627 0.582 0.540 0.502 0.467 0.434 0.404 0.376 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.391 0.361 0.333 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.352 0.322 0.295