A $3-$year project is estimated to generate annual cash flows of $$9,800$;$$11,500$; and $$13,100$ over $3$ years of its life. The initial cost for the project is $$34,500.$ Which statement below is correct?

Based on the payback period, we should reject the project because it never pays back over its lifetime.

Based on the payback period, we should accept the project because its payback period is longer than its life.

We should reject this project because its payback period is only $1\mathrm{.}5$ years.

If the required payback period is $2$ years or longer, we should accept the project.

The payback period of this project is $2\mathrm{.}95$ years.