7. Project P has a cost of $1,000 and cash flows of $300 per year for 3 years plus another $1,000 in Year 4. The project's cost of capital is 15%. a. What are P's regular and discounted paybacks? (4 marks) b. If the company requires a payback of 3 years or less, would the project be accepted? (2 marks) Would this be a good accept/reject decision, considering NPV (4 marks).