Cepeda Manufacturing Company is considering three new projects, each requiring an equipment investment of $22,000. Each project will last for 3 years and produce the following cash inflows. 1 7,000 $9,500 $11,000 2 9,000 9,500 10,000 3 15,000 9,500 9,000 Total $31,000 $28,500 $30,000 The equipment's salvage value is zero. Cepeda uses straight-line depreciation. Cepeda will not accept any project with a payback period over 2 years. Cepeda's minimum required rate of return is 12%. TABLE 3 Present Value of 1 Ft Periods 4% 8%,9% 10% 11% 12% 15% 96154 95238 94340 0.93458 92593 91743 .90909 90090 89286 86957 92456 90703 89000 0.87344 85734 84168 82645 81162 .79719 75614 .88900 86384 83962 0.81630 79383 77218 75132 73119 71178 65752 .85480.82270 .79209 0.76290 73503 70843 68301 65873 .63552 57175 5 82193 78353 74726 0.71299 .68058 64993 62092 .59345 .56743 49718 79031 .74622 70496 0.66634 63017 59627 56447 53464 50663 43233 75992 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 .67556 .61391 55839 0.50835 46319 42241 .38554 35218 32197 24719 .64958 58468 52679 0.47509 42888 38753 35049 31728 28748 21494 .62460 55684 49697 0.4440139711 35554 31863 28584 25668 18691 60057 .53032 .46884 0.41496 .36770 .32618 .28966 .25751 .22917 .16253