Binder Corp. has invested in new machinery at a cost of $1.450,000. This investment is expected to produce cash flows of $640,000, $715,250, $823,330, and $907.125 over the next four years. What is the payback period for this project? (Round your answer to two decimal places.) Which statement is correct? The project should be rejected if the required payback period is 24 years. The project should be accepted it the required payback period is 24 years. The project should be rejected if the required payback period is 2.6 years, After 3 years, the initial investment has not been paid back