Novak'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 1 2 3 Total $7,770 9 , 990 13,320 $31,080 BB $11,100 11,100 11,100 $33,300 cc $14,430 13,320 12,210 $39,960 The equipment's salvage value is zero, and Novak uses straight-line depreciation. Novak will not accept any project with a cash payback period over 2 years. Novak's required rate of return is 12%. Click here to view PV table. Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25.) cc 2.36 2.2 1.83 yea rs years years