Bramble Manufacturing Company is considering three new projects, each requiring an equipment investment of $22.900. Each project will last for 3 years and produce the following cash flows. Year AA BB CC 1 $7,300 $9,800 $11,300 2 9,300 9,800 10,300 3 15.300 9,800 9,300 Total $31,900 $29,400 $30,900 The salvage value for each of the projects is zero. Bramble uses straight-line depreciation. Bramble will not accept any project with a payback period over 2.2 years. Bramble's minimum required rate of return is 12%. TABLE 3 Present Value of 1 (11) Periods 1 23456789 4% .96154 .92456 .82193 .79031 .75992 5% 6% 7% .95238 .94340 0.93458 90703 89000 0.87344 88900 86384 .83962 0.81630 .85480) .82270 79209 .78353 74726 8% .92593 9% 10% 11% 12% 15% .91743 .90909 .90090 .89286 .86957 .85734 .84168 .82645 .81162 79719 .75614 79383 .77218 .75132 .73119 .71178 .65752 0.76290 73503 70843 .68301 .65873 .63552 .57175 0.71299 68058 64993 .62092 59345 56743 .49718 74622 .70496 0.66634 63017 59627 56447 53464 50663 43233 71068 66506 0.62275 58349 54703 51316 .48166 45235 37594 73069 .67684 .62741 0.58201 54027 .50187 46651 43393 40388 32690 .70259 .64461 59190 0.54393 50025 46043 .42410 39092 36061 28426 10 .67556 .61391 55839 0.50835 46319 42241 .38554 35218 .32197 24719 11 64958 58468 52679 0.47509 42888 38753 35049 31728 28748 21494 12 62460 55684 49697 0.44401 39711 35554 31863 28584 25668 18691