Project P has a cost of $1,000 and cash flows of $300 per year for 3 years plus another $1,000 in Year 4. The project’s cost of capital is 15%. What are Project P’s regular and discounted paybacks? (3.10, 3.55) If the company requires a payback of 3 years or less, would the project be accepted? Would this be a good accept/reject decision considering the NPV and/or the IRR?