Whispering Winds 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 $(2500). Annual cost savings were: $27000 for year 1: $23000 for year 2; and $18000 for year 3. The amount of the initial investment was Present Value PV of an Annuity of 1 at 12% of 1 at 12% 0.893 1.690 2.402 Year 1 2 0.893 0.797 3 0.712 $57746, $52746. $57758 $52758