Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $22,440. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $7,140 $10,200 $13,260 9,180 10,200 12,240 3 12,240 10,200 11,220 Total $28,560 $30,600 $36,720 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 ears CC years Which is the most desirable project? The most desirable project based on payback period is