Pharoah's Custom Construction Company is considering three new projects, each requiring an equipment investment of $25,740. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC $8,190 $11,700 $15,210 2 10,530 11,700 14,040 3 14,040 11,700 12,870 Total $32,760 $35,100 $42,120 The equipment's salvage value is zero, and Pharoah uses straight-line depreciation. Pharoah will not accept any project with a cash payback period over 2 years. Pharoah's required rate of return is 12%. Click here to view PV table. (a) Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25.) AA BB years years years CC Which is the most desirable project? The most desirable project based on payback period is Project CC v Which is the least desirable project? The least desirable project based on payback period is Project AA (b) Compute the net present value of each project. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Round final answers to the nearest whole dollar, eg. 5.275. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) AA BB CC