Binder Corp. has invested in new machinery at a cost of $1,150,000. This investment is expected to produce cash flows of $610,000, $724,650, $812,750, and $956,470 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, The project should be accepted if the required payback period is 24 years The project should be rejected if the required payback period is 26 years