The salvage value on a piece of equipment for Excavators, Inc. is expected to be $10,000 in 12 years. If the discount rate is 8%, what is the present...

The salvage value on a piece of equipment for Excavators, Inc. is expected to be $10,000 in 12 years. If the discount rate is 8%, what is the present value of the equipment's salvage value?

A  : 

$4,039 

B  : 

$3,220 

C  : 

$3,168 

D  : 

$3,971