Dougs Custom Construction Company is considering three new projects, each requiring an equipment investment of $22,040. Each project will last for 3 years and produce the following net annual cash flows.

Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $22,040. Each project will last for 3 years and produce the following net annual cash flows. earAA 1 $9,396 $12,238 $15,196 2 12,064 12,238 11,716 3 17,516 12,238 12,876 Total $38,976 $36,714 $39,788 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%. le ac (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.) 8220 years 7827 years 13620 years