The Photo Shop is thinking of purchasing a new high-tech photocopying/printing machine. The new machine costs $35,000. It has a useful life of 7 years and a scrap (disposal) value of $1,000 at the end of its 7 year life. The annual cost savings are expected to be $7,000. The required rate of return is 12%. What is the net present value of the investment? PV of $1 PV of an annuity of $1 Time period 10% 12% 14% 12% 14% Time period 10% 1 0.909 1 0.909 0.893 0.877 0.893 0.877 2 1.736 1.690 1.647 2 0.826 0.797 0.769 3 2.487 2.402 2.322 3 0.751 0.712 0.675 4 3.170 3.037 2.914 4 0.683 0.636 0.592 5 3.791 3.605 3.433 5 0.621 0.567 0.519 6 4.355 4.111 3.889 6 0.564 0.507 0.456 7 4.868 4.564 4.288 7 0.513 0.452 0.400 A. -($2,950) B. -($2,600) O c. -($3,052) D. -($3,150)