Your company is considering three mutually exclusive investments as described in the table below. Based on a 15-year study period and 11% MARR, you are tasked to determine which investment should be selected.

Investment Option 1:

• Initial Investment: $50,000
• Net Annual Revenue: $10,000
• Salvage Value: $5,000
• Useful Life: 24

Investment Option 2:

• Initial Investment: $76,000
• Net Annual Revenue: $14,500
• Salvage Value: $1,000
• Useful Life: 15

Investment Option 3:

• Initial Investment: $44,000
• Net Annual Revenue: $14,000
• Salvage Value: $3,000
• Useful Life: 10

Note: The repeatability assumption cannot be applied. Hint: imputed market value technique will need to be applied to Investment 1 and assume cotermination at 15-years with reinvestment for Investment 3.

What is the PW of the Investment option 1?