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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. Year AA BB 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 Periods 4% 5% 7% 8% 9% 10% 11% 12% 15% 91743 90090 .89286 86957 .96154 92456 .88900 2 .90909 84168 .82645 .81162 6% 95238 94340 0.93458 92593 90703 89000 0.87344 85734 86384 83962 0.81630 79383 77218 79209 0.76290 73503 70843 79719 75614 3 75132 73119 71178 65752 85480 82270 68301 65873 63552 57175 82193 78353 74726 0.71299 68058 .64993 .62092 59345 56743 49718 79031 56447 53464 50663 43233 .75992 74622 70496 0.66634 .63017 59627 71068 .66506 0.62275 58349 67684 54027 54703 51316 48166 45235 37594 73060 62741 059201 50187 46651 42201 40198 22600 4 5 6 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 (n) Periods 4% 5% 6% 7% 8% 9% 12% 15% I 95238 94340 .96154 .92456 10% 11% 0.93458 92593 91743 .90909 .90090 .89286 0.87344 85734 84168 .82645 .88900 .86384 .83962 0.81630 79383 .77218 .75132 .85480 82270 79209 0.76290 73503 .70843 .68301 .86957 90703 .89000 .81162 .79719 75614 .73119 71178 .65752 .65873 63552 57175 .82193 78353 74726 0.71299 .68058 .64993 .62092 59345 56743 49718 50663 43233 .59627 56447 53464 54703 51316 48166 45235 37594 .79031 75992 .73069 70259 .67556 .50187 46651 43393 40388 .32690 74622 70496 0.66634 .63017 71068 .66506 0.62275 .58349 .67684 62741 0.58201 54027 .64461 59190 0.54393 50025 61391) 55839 0.50835 46319 52679 0.47509 46043 42410 39092 36061 28426 42241 38554 35218 32197 .24719 11 64958 58468 42888 38753 35049 31728 28748 21494 12 .62460 55684 49697 39711 35554 31863 28584 25668 .18691 13 .60057 .53032 0.44401 46884 0.41496 .36770 .32618 .28966 25751 22917 16253 14 57748 50507 44230 0.38782 34046 29925 .26333 23199 20462 14133 15 55526 48102 41727 0.36245 31524 27454 .23939 20900 18270 .12289 16 53391 45811 29189 25187 21763 .18829 16312 10687 17 19785 16963 14564 09293 18 49363 51337 .43630 41552 47464 39573 45639 37689 .39365 0.33873 37136 0.31657 27027 35034 0.29586 25025 33051 0.27615 23171 .31180 0.25842 23107 21199 19449 17986 15282 13004 08081 19 16351 13768 11611 07027 20 21455 17843 14864 12403 10367 06110 TABLE4 Present Value of an Annuity of 1 2345 6789GH; 10 TABLE4 Present Value of an Annuity of I (n) Payments 4% 5% 6% 7% 8% 9% 10% 11% 12% 15% 1 .90090 .89286 .86957 2 1.71252 1.69005 1.62571 1.88609 2.77509 2.72325 .96154 .95238 94340 1.85941 1.83339 2.67301 3.46511 3 4 3.62990 3.54595 5 4.45182 4.32948 4.21236 6 5.24214 5.07569 7 6.00205 5.78637 8 10 0.93458 .92593 91743 .90909 1.80802 1.78326 1.75911 1.73554 2.62432 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.38721 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 4.10020 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 4.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.78448 5.58238 5.38929 5.20637 5.03295 4.86842 4.71220 4.56376 4.16042 6.73274 6.46321 6.20979 5.97130 5.74664 5.53482 5.33493 5.14612 4.96764 4.48732 7.43533 7.10782 6.80169 6.51523 6.24689 5.99525 5.75902 5.53705 5.32825 4.77158 8.11090 7.72173 7.36009 7.02358 6.71008 6.41766 6.14457 5.88923 5.65022 5.01877 8.76048 8.30641 7.88687 7.49867 7.13896 6.80519 6.49506 6.20652 5.93770 5.23371 9.38507 8.86325 8.38384 7.94269 7.53608 7.16073 6.81369 6.49236 6.19437 5.42062 9.98565 9.39357 8.85268 8.35765 7.90378 7.48690 7.10336 6.74987 6.42355 5.58315 10.56312 9.89864 9.29498 8.74547 8.24424 7.78615 7.36669 6.98187 6.62817 5.72448 11.11839 10.37966 9.71225 9.10791 8.55948 8.06069 7.60608 7.19087 6.81086 5.84737 11.65230 10.83777 10.10590 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 5.95424 12.16567 11.27407 10.47726 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 6.04716 12.65930 11.68959 10.82760 10.05909 9.37189 8.75563 8.20141 7.70162 7.24967 6.12797 13.13394 12.08532 11.15812 10.33560 9.60360 8.95012 8.36492 7.83929 7.36578 6.19823 13.59033 12.46221 11.46992 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 6.25933 12 13 14 15 16 17 18 19 20 Compute each project's payback period. (Round answers to 2 decimal places, e.g. 52.75.) AA BB Payback period years. years. Indicating the most desirable project and the least desirable project using this method. Most desirable Least desirable CC years fun of nach priert (Ice the above table) (Round factor values to 5 decimal places, e.g. 1.25124 and final Compute the net present value of each project. (Use the above table.) (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) AA BB CC Net present value Indicating the most desirable project and the least desirable project using this method. Most desirable Least desirable