"Our company is evaluating a project with projected future annual cash flows shown as follows and an appropriate cost of capital of 11.5% : Period 0: $-87,200.; Period 1: $-49,600.; Period 2: $37,670.; Period 3: $66,720.; Period 4: $35,280.; Period 5: $54,200.; Compute the Payback statistic for the project and indicate whether the company should accept or reject this project if the maximum allowable payback period is 4 years."

a) 2.05 years / Accept

b) 2.05 years / Reject

c) 2.98 years / Reject

d) 3.92 years / Accept

e) 3.92 years / Reject

f) 3.62 years / Accept

g) 3.62 years / Reject