Problem $13-4$ Discounted Payback $($LG$13-2)$

Compute the discounted payback statistic for Project C if the appropriate cost of capital is $7$ percent and the maximum allowable discounted payback period is three years.

Note: Do not round intermediate calculations and round your final answer to $2$ decimal places.

Project C

Time: $012345$

Cash flow: $$$ $1,100$ $ $520$ $ $510$ $ $550$ $ $320$ $ $120$

Year Cash flows

$0-$$$1,100$

$1$ $$520$

$2$ $$510$

$3$ $$550$

$4$ $$320$

$5$ $$120$

What is the discounted payback period?

Should the project be accepted or rejected?