Skysong 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 $(1100). Annual cost savings were: $9000 for year 1; 7000 for year 2; and $5000 for year 3. The amount of the initial investment was   Present Value PV of an Annuity Year of 1 at 12% of 1 at 12% 1 0.893        0.893        2 0.797        1.690        3 0.712        2.402          A. $17914. B. $18276. C. $16076. D. $15714.

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