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Exercise 12-2 Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $24,200. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $7,700 $11,000 $14,300 9,900 11,000 13,200 3 13,200 11,000 12,100 Total $30,800 $33,000 $39,600 The equipment's salvage value is zero, and Doug uses straight-line depreciation. Doug will not accept any project with a cash payback period over 2 years. Doug'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.) years BB years CC years