Compute the discounted payback statistic for Project Cif 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: -$1,600 $220 0 1 $720 2 $660 3 $700 $420 Discounted payback period years Should the project be accepted or rejected? accepted O rejected