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Crawford Enterprises is considering a five year project. Cash flows are expected to be as follows: Year Cash flow 0 -10,000 1 4,000 2 4,000

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Crawford Enterprises is considering a five year project. Cash flows are expected to be as follows: Year Cash flow 0 -10,000 1 4,000 2 4,000 3 5,000 4 2.000 5 2.000 Management's payback target is 3 years. The appropriate discount rate for the project is 10%. Use the above information to answer the following: What is the payback period of the project? Should the company accept or reject the project based on the payback decision rule? Please show all of your work

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