XYZ 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 -$10,790. 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 to answer this question