Compute the discounted payback statistic for Project X and recommend whether the firm should accept or reject the project with the cash flows shown as follows if the appropriate cost of capital is $10$ percent and the maximum allowable discounted payback is three years.

Time: $012345$

Cash flow: $1,000500480400300150$

Multiple Choice

$2\mathrm{.}49$ years, accept

$2\mathrm{.}98$ years, accept

$3\mathrm{.}49$ years, reject

$4\mathrm{.}98$ years, reject