How much does the discounted payback period method fail to recognize due to this theoretical deficiency?

Complete the following table and compute the project's conventional payback period. For full credit, complete the entire table Year 0 Year 1 Year 2 Year 3 Expected cash flow Cumulative cash flow -4,000,000 $1,600,000 $3,400,000 $1,400,000 Conventional payback period: The conventional payback period ignores the time value of money, and this concerns Fuzzy Button's CFO. He has now asked you to compute Delta's discounted payback period, assuming the company has a 8% cost of capital. Complete the following table and perform any necessary calculations. Round the discounted cash flow values to the nearest whole dollar, and the discounted payback period to the nearest two decimal places. For full credit, complete the entire table Year 0 Year 1 Year 2 Year 3 Cash flovw Discounted cash flow Cumulative discounted cash flow 4,000,000 $1,600,000 $3,400,000 $1,400,000 Discounted payback period Which version of a project's payback period should the CFO use when evaluating Project Delta, given its theoretical superiority? O The regular payback period O The discounted payback period