Kobi Manufacturing Company is considering three new projects, each requiring an equipment investment of $25,000. Each project will last for 3 years and produce the following cash inflows. Year AA $ 7,000 9,000 12,000 $28,000 $ 9,600 9,600 9,600 $28,800 CC $13,000 9,000 11,000 $33,000 Total The equipment's salvage value is zero. Kobi uses straight-line depreciation. Kobi will not accept any project with a payback period over 2.5 years. Kobi's minimum required rate of return is 12%. Instructions Compute each project's payback period, indicating the most desirable project and the least desirable project using this method. (Round to two decimals.)