Towing Company is considering the purchase of a new piece of equipment and has gathered the following information about the purchase: Initial investment Annual cost savings $30,000 Salvage value in 6 years 20% of original cost of the equipment Repair in 4 years $11,000 Cost of capital 10% Life of project 6 years If the new piece of equipment is purchased then the equipment currently being used can be sold at the time of purchase of the new equipment for $8,000. The before-tax net present value of this new equipment was -$11,670 Calculate the salvage value for this piece of equipment. Ignore the effects of income taxes. You will need to use the present value table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to weeks 13 and 14. Click on the link labeled present value table factors. No credit will be awarded for this question using a means other than these posted table factors to answer this