Sheridan's Custom Construction Company is considering three new projects, each requiring an equipment investment of $23,100. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB 1 2 $7,350 Unresolved 12,600 $29,400 CC $13,650 12,600 11,550 $37,800 $10,500 10,500 10,500 $31,500 3 Total The equipment's salvage value is zero, and Sheridan uses straight-line depreciation. Sheridan will not accept any project with a cash payback period over 2 years. Sheridan's required rate of return is 12%. Click here to view PV table. Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25 AA 3.25 years BB years CC years Which is the most desirable project? The most desirable project based on payback period is