Compute the payback statistic for Project B and decide whether the firm should accept or reject the project with the cash flows shown as follows if the appropriate cost of capital is $12\%$ and the maximum allowable payback is three years.

Project B

Time $012345$

Cash Flows $-$$$11,100$ $$3,350$ $$4,180$ $$1,520$ $$0$ $$1,000$

Show computations.