Dougs Custom Construction Company is considering three new projects, each requiring an equipment investment of $20,900. Each project will last for 3 years and produce the following net annual cash flows.

Exercise 24-2 Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $20,900. Each project will last for 3 years and produce the following net annual cash flows. ear 1$8,910 $11,605 $14,410 2 11,440 11,605 11,110 3 16,610 11,60512,210 Total $36,960 $34,815 $37,730 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%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is partially correct. Try again. Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25.) 1.79 years 1.80 years 1.55 years