Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $24,640. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $7,840 $11,200 $14,560 2 10,080 1 1,200 13,440 3 13,440 1 1,200 12,320 Total W m $40,320 The equipment's salvage value is zero. and Doug uses straight|ine depreciation. Doug will not accept any project with a cash payback period over 2 years. Doug's required rate of return is 12%. Click here to view PV table, (a) Compute each project's payback period. (Round answers to 2 decimal places, es. 15.25.) AA years BB years CC years Which is the most desirable project? it The most desirable project based on payback period is 3 Which is the least desirable project? The least desirable project based on payback period is / i (b) Compute the net present value of each project. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parenthses ex. (45). Round nal answers to the nearest whole dollar. e.g. 5,275. For calculation purposes. use 5 decimal places as displayed in the factor table provided.) Which is the most desirable project based on net present value? The most desirable project based on net present value is 0 Which is the least desirable project based on net present value? The least desirable project based on net present value is t