2) Let us consider the same investment whose cost and expected cash flows are given in Question 1 using discounted payback period. a) What is the exact payback period of that investment according to the discounted payback method if the relevant discount rate for that investment is 14% b) Should the firm accept or reject this investment if the desired payback period of the investment is 3 years. 1) A firm considers an investment whose cost is $ 3 000 000 which is paid in 2020. The expected cash flows from this investment are as follows: 2021 $ 500 000 2022 $ 700 000 2023 $ 1 000 000 2024 $ 1 000 000 2025 $ 800 000 2026 $ 600 000 The firm's desired target payback period is 3 years which means that firm accepts all projects with a payback period less than 3 years