Blue Spruce Manufacturing Company is considering three new projects, each requiring an equipment investment of $29,200. Each project will last for 3 years and produce the following cash flows. Year AA BB CC 1 $9.400 $12,200 $13.400 2 11,400 12.200 12,400 3 17,400 12.200 11.400 $36,600 $37,200 Total $38.200 The salvage value for each of the projects is zero. Blue Spruce uses straight-line depreciation. Blue Spruce will not accept any project with a payback period over 2.3 years. Blue Spruce's minimum required rate of return is 12% Click here to view PV tables Compute each project's payback period. (Round answers to 2 decimal places, eg. 52.75.) AA BB CC Payback period years years years Indicating the most desirable project and the least desirable project using this method. Most desirable Least desirable