Under the payback method of analysis: Multiple Choice A project will be acceptable whenever the payback period exceeds the pre-specified number of years. The initial cash outlay is ignored. The cash flow in year 3 is ignored if the required payback period is 4 years, The cash flow in year 2 is valued just as highly as the cash flow in year 1 as long as the required payback period is 3 years or more. A project's initial cost is discounted