Compute the payback statistic for Project A if the appropriate cost of capital is 8 percent and the maximum allowable payback period is four years. (Round your answer to 2 decimal places.) Project A Time: Cash flow: 0 $1,600 1 $590 2 $660 3 $640 4 $420 5 $220 Answer is complete but not entirely correct. Payback 2.96 years