Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $24,420. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $7,770 $11,100 $14,430 9,990 11,100 13,320 3 13,320 11,100 12,210 Total $31,080 $33,300 $39,960 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%. Click here to view PV table. (a) Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25.) years BB years CCE 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)