Compute the discounted payback statistic for Project C if the appropriate cost of capital is 7 percent and the maximum allowable discounted payback period is three years. Having a hard time coming up with the solution to this problem. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Project C

Time:

Cash flow: 0 1 2 3 4 5

$2,000 $880 $780 $820 $500 $300

Should I accepted or rejected the problem?

Discounted payback period

years