PLEASE SHOW WORK AND CIRCLE ANSWER

Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 8 percent, and that the maximum allowable payback and discounted payback statistics for the project are 3.5 and 4.95 years, respectively. Time: 4 6 Cash flow:$5,000 $1,200 $2,48e $1,60e $1,600 $1,400 $1,200 Use the payback decision rule to evaluate this project. (Round your answer to 2 decimal places.)