Cepeda Manufacturing Company is considering three new projects,each requiring an equipment investment of $22,000. Each projectwill last for 3 years and produce the following cash inflows.

Year		AA		BB		CC
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-linedepreciation. Cepeda will not accept any project with a paybackperiod over 2 years. Cepeda's minimum required rate of return is12%.

Compute the net present value of eachproject. (For calculation purposes, use 5 decimalplaces as displayed in the factor table provided and final answersto 0 decimal places, e.g. 5,275.)