Cullumber's custom construction company is considering three new projects, each requiring an equipment investment of $27,500. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1. $8,750 $12,500 $16,250 2. 11,250 12,500 15,250 3. 15,000 12,500 13,750 Total $35,000 37,500 45,000 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 required rate of returns is 12%. a. Compute each project's payback period (round answers to 2 decimal places e.g. 15.25.) AA YEARS BB YEARS CC YEARS 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 answer 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?