7:43 AM edugen wieyplus com ssignment Exercise 23-12 Your answer is partially correct. Try again. Buford Manufacturing Company is considering three new projects, each requiring an equipment investment of $21,900, Each project will last for 3 years and produce the following cash inflows. 6,900 9,670 $16,000 9,320 9,670 11,600 dy 15,000 9,670 9,410 $31,220 29,010 $37,010 The equipment's salvage value is zero. Buford uses straight-line depreciation. Buford will not accept any project with a payback period over 2 years. Buford's minimum required rate of return is 10%. (a) Compute each project's payback period, indicating the most desirable project and the least desirable project using this method. (Round answers to 2 decimal places, e.g. 2.45.) Project AA 2.38 years Least Desirable Project BB Middle Project CC 1.51 Years (b) Compute the net present value of each project. Does your evaluation change? (Round Pv factor to s decimal places, e.g. 1.25356 and final answers to o decimal places, e.g. $1,255.) Project AA 3346 Least Desirable