Compute the Payback statistic for Project $x$ and recommend whether the firm should accept or reject the project with the cash flows shown below if the appropriate cost of capital is $9$

percent and the maximum allowable payback is $3$ years.

Multiple Choice

$3\mathrm{.}59$ years, Reject

$2\mathrm{.}59$ years, Reject

$3\mathrm{.}59$ years, Accept

$2\mathrm{.}59$ years, Accept