Cullumber's Custom Construction Company is considering three new projects, each requiring an equipment investment of $25,080. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $7,980 $11,400 $14,820 2 10,260 11,400 13,680 3 13,680 11,400 12,540 Total $31,920 $34,200 $41,040 The equipment's salvage value is zero, and Cullumber uses straight-line depreciation. Cullumber will not accept any project with a cash payback period over 2 years. Cullumber's required rate of return is 12%. Click here to view the factor table. (a) Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25.) AA BB CC years years years Which is the most desirable project? The most desirable project based on payback period is Which is the most desirable project? The most desirable project based on payback period is Which is the least desirable project? The least desirable project based on payback period is (b) Compute the net present value of each project. (Enter negative amounts using either a negative sign preceding the number e.g. -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