Dougs Custom Construction Company is considering three new projects, each requiring an equipment investment of $23,100. Each project will last for 3 years and produce the following net annual cash flows.

Year		AA		BB		CC
1		$7,350		$10,500		$13,650
2		9,450		10,500		12,600
3		12,600		10,500		11,550
Total		$29,400		$31,500		$37,800

The equipments salvage value is zero, and Doug uses straight-line depreciation. Doug will not accept any project with a cash payback period over 2 years. Dougs required rate of return is 12% (a) Compute each projects payback period.