Graham Incorporated uses discounted payback period $($net present value$)$ for projects under $$25,000$ and has a cut off period of $4$ years for these small value projects. Two projects, R and S are under consideration. The anticipated cash flows for these two projects are listed below. If Graham Incorporated uses an $8\%$ discount rate on these projects are they accepted or rejected? If they use a $16\%$ discount rate? Why is it necessary to only look at the first four years of the projects$$ cash flows? Cash Flows Project R Project S Initial Cost $$24,000$ $$18,000$ Cash flow year one $$6,000$ $$9,000$ Cash flow year two $$8,000$ $$6,000$ Cash flow year three $$10,000$ $$6,000$ Cash flow year four $$12,000$ $$3,000$