Question: Our company is evaluating a project with projected future annual cash flows shown as follows and an appropriate cost of capital of 9.3% : Period

"Our company is evaluating a project with projected future annual cash flows shown as follows and an appropriate cost of capital of 9.3% : Period 0: $-84,050.; Period 1: $-44,350.; Period 2: $37,040.; Period 3: $66,090.; Period 4: $34,860.; Period 5: $47,900.; 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 3 years."

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