E13-11 Calculate cash payback and net present value. Jack's Custom Manufacturing Company is considering three new projects. Each one requires an equipment investment of $21,000, will last for three years, and will produce the following net annual cash flows: Year AA BB CC 1 $ 7,000 $ 9,500 $13,000 2 9,000 9,500 10,000 3 15,000 9,500 11,000 Total $31,000 $28,500 $34,000 The equipment's salvage value is zero, and Jack uses straight-line amortization. Jack will not accept any project with a payback period over two years. Jack's required rate of return is 12%. Calculate each project's payback period, indicating the most desirable project and the least desirable project using this method. (Round your answers to 2 decimal places and assume in your calculations that cash flows occur evenly throughout the year.) AA years BB years CC years The most to least desirable based on payback period is . Calculate the net present value of each project. (Round your answers to 0 decimal places. If the net present value is negative show the amount in (parenthesis).) AA $ BB $ CC $ The most to least desirable based on net present value is