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, 5715,250. $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? After 3 years, the initial investment has not been paid back The project should be rejected if the required payback period is 24 years. O The project should be rejected if the required payback period is 2.6 years. The project should be accepted if the required payback period is 24 years