Windsor 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: $13000 for year 1: $9000 for year 2; and $5000 for year 3. The amount of the initiat investment was Present Value Year of lat 12% 1 0.893 2 0.797 3 0.712 PV of an Annuity of lat 12% 0.893 1.690 2.402 $20418 $21142 $22818 $23542