Culver Manufacturing Company is considering three new projects, each requiring an equipment investment of $27,700. Each project will last for 3 years and produce the following cash flows. Year AA BB CC 1 $8,900 $11,700 $12.900 2 10,900 11,700 11.900 3 16,900 11,700 10,900 Total $36,700 $35,100 $35,700 The salvage value for each of the projects is zero. Culver uses straight-line depreciation. Culver will not accept any project with a payback period over 2.3 years. Culver's minimum required rate of return is 12%. Click here to view PV tables. (a)