E24-2 s Compute cash payback period and net present value L02,3), AN Doug's Custom Constraction Company is considering three new projects, each reqairing an equipment investment of $22.000. Each projeet will last for 3 years and prodace the following net annual cash flows. Year AA BB CC S7,000 9000 $10,000 10,000 $13,000 12,000 11,000 3 12.000 10,000 $28.000 Total $30,000 $36,000 The equipment's salvage value is zero, and Deug uses straight-line depreciation. Doug will not accept any project with a cash payback period over 2 years. Doug's required rate of reture is 12%. Instructions (a) Compute each preject's payback period, indicating the most desirable project and the least desirable project using this method. (Round to two decimals aand assume in your computations that cash fows occur evenly throughout the year) (b) Compute the net present value of each project. Does your evaluticn change? (Round to nearest dollar)