Sheffield Manufacturing Company is considering three new projects, each requiring an equipment investment of $26,800. Each project will last for 3 years and produce the following cash flows. Year AA BB CC 1 58,600 $11,500 $12,600 2 10,600 11.500 11.600 3 16,600 10,600 11,500 $34,500 Total $35,800 $34,800 The salvage value for each of the projects is zero. Sheffield uses straight-line depreciation. Sheffield will not accept any project with a payback period over 2.3 years. Shefheld's minimum required rate of return is 12% Click here to view Pvtables (a) Compute each project's payback period. (Round answers to 2 decimal places, es, 5275) AA BB CC Payback period years years years Indicating the most desirable project and the least desirable project using this method. Most desirable Least desirable