Our company is evaluating a project with the projected future annual cash flows shown as follows and an appropriate cost of capital of 11.0% : Period 0: $-5,000,000.; Period 1: $-1,500,000.; Period 2: $150,000.; Period 3: $830,000.; Period 4: $5,300,000.; Period 5: $1,020,000.; Compute the Payback statistic for the project and whether the company should accept or reject this project if the maximum allowable payback period is 3.0 years.

3.87, Accept

3.87, Reject

4.22 years, Accept

4.22 years, Reject

3.44 years, Accept

3.44 years, Reject

Insufficient data provided to calculate this statistic