Novak Manufacturing Company is considering three new projects, each requiring an equipment investment of $25,400. Each project will last for 3 years and produce the following cash flows. Year AA BB CC 1 $8,100 $11,000 $12,100 2 10,100 11,000 11,100 3 16,100 11,000 10,100 Total $34,300 $33,000 $33,300 The salvage value for each of the projects is zero. Novak uses straight-line depreciation. Novak will not accept any project with a payback period over 2.2 years. Novak's minimum required rate of return is 12%. Click here to view PV tables. (a) Your answer has been saved. See score details after the due date. Compute each project's payback period. (Round answers to 2 decimal places, e.g. 52.75.) BB CC 2.55 years 2.31 years 2.22 years Indicating the most desirable project and the least desirable project using this method. Most desirable Project CC Least desirable Project AA v Attempts: 1 of 1 used (b) Compute the net present value of each project. (Use the above table.) (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) AA BB CC Net $ $ $ present value Indicating the most desirable project and the least desirable project using this method. Most desirable Least desirable