b. Calculate the projects Discounted Payback Period. Should the project be accepted or rejected? Explain. 10-2 . - The Elephant Co. is considering a project with initial cash outlay of $80,000 and expected cash flows of $20,000 at the end of each year for 6 years. The required rate of return for this project is 10%. a. Calculate the projects Payback period. Should the project be accepted or rejected? Explain. b. Calculate the project's Discounted Payback period. Should the project be accepted or rejected? Explain