Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $24,640. Each project will last for 3 years and produce the following net annual cash flows. ?? $7,840 $11,200 $14,560 2 10,080 11,200 13,440 3 13,440 11,200 12,320 Total $31,360 $33,600 $40,320 The equipment's salvage value is zero, and Doug uses straight-line depreciation. Doug will not accept any project with a cash payback perod over 2 years. Dou 's re u ed rate of returns C to ve able Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25.) years years years Which is the most desirable project? The most desirable project based on payback period is Which is the least desirable project? The least desirable project based on payback period is