Compute the discounted payback statistic for Project C if the appropriate cost of capital is 8 percent and the maximum allowable discounted payback period is three years. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Project C Time: Cash flow: 0 -$1,600 1 $720 2 $660 3 $700 5 $220 $420 Discounted payback period years Should the project be accepted or rejected? O accepted O rejected