Exercise 24-2 (part level submission) Dougs Custom Construction Company is considering three new projects, each requiring an equipment investment of $21,850. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $9,315 $12,133 $15,065 2 11,960 12,133 11,615 3 17,365 12,133 12,765 Total $38,640 $36,399 $39,445 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%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Collapse question part (a) Compute each projects payback period. (Round answers to 2 decimal places, e.g. 15.25.) AA years BB years CC 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