Current Attempt in Progress Sheffield 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: $12000 for year 1; 10000 for year 2; and $8000 for year 3. The amount of the initial investment was Present Value Year of 1 at 12% PV of an Annuity of 1 at 12% 1 0.893 0.893 2 0.797 1.69 3 0.712 2.402 O $23182. O $25582. $22820. O $25220.