Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $23,540. Each project will last for 3 years and produce the following net annual cash flows. The equipment's salvage value is zero, and Doug uses straight-line depreciation. Doug will not accept any project with a cash payback period over 2 years. Doug's required rate of return is 12% Compute each project's payback period. AA BB CC Years Which is the most desirable project? The most desirable project based on the payback period is