Compute the discounted payback period for a project with the following cash flows, if the company's discount rate is 0.0950, compounded annually. The firm has a 3-year discounted payback requirement. The initial outlay is $45,000.

Year	Cash flow
1	23,000
2	18,000
3	13,000

3.09 years

2.31 years

2.91 years

The project does not meet the payback requirement