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4. A project has an initial cost of $1,000. Incremental cash flows are estimated to be $200 in Year 1 and $300, $400, $500 in subsequent years. In Year 0, the initial cost of $1,000 is not discounted, as the value of $1,000 today is $1,000. For Year 1, we apply the discount rate of 10% to the $ 200 cash flow for that year. The discount rate is also applied to the cash flows for years 2 through 4. Your firm's maximum acceptable payback period is 3 years. As the finance manager in charge of this project, should you accept it into your department's capital budget? Year Incremental | PVIF| Discounted Cash Flow Cumulative cash Cash flow Flow 0 ($1,000) 1 $200 909 2 $300 826 3 $400 .751 4 $500 683 When are the project's costs recovered? Should you accept the project? What is the project's net present value