Your answer is correct. Pharoah's Custom Construction Company is considering three new projects, each requiring an equipment investment Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $7.420 $10,600 $13,780 2 9,540 10,600 12.720 3 12.720 10.600 11,660 Total $29,680 $31,800 $38,160 The equipment's salvage value is zero, and Pharoah uses straight-line depreciation. Pharoah will not accept any projecti 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, eg 15:25)