Cheyenne Manufacturing Company is considering three new projects, each requiring an equipment investment of $23,500. Each project will last for 3 years and produce the following cash flows. Year AA BB CC 1 $7,500 $10,200 $11,500 2 9,500 10,200 10,500 3 15.500 10,200 9,500 Total $32,500 $30,600 $31,500 The salvage value for each of the projects is zero. Cheyenne uses straight-line depreciation. Cheyenne will not accept any project with a payback period over 2.2 years. Cheyenne's minimum required rate of return is 12%. Click here to view PV tables. Payback period AA years BB years Indicating the most desirable project and the least desirable project using this method. Most desirable Least desirable CC years (b) Compute the net present value of each project. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45). Round final answers to the nearest whole dollar, e.g. 5,275. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) AA BB CC Which is the most desirable project based on net present value? The most desirable project based on net present value is Which is the least desirable project based on net present value? The least desirable project based on net present value is