Problem 3: Payback period (10 points) Similar to P10-1 Jacobs Inc. is considering a capital expenditure that requires an initial investment of $46,400 and returns after-tax cash inflows of $6,200 per year for 8 years. The firm has a maximum acceptable payback period of 5 years. a. Determine the payback period for this project. Round to whole number. Initial investment divided by cash inflow b. Should the company accept or reject the project? Why? Check accept or reject and then write why Accept Reject Why? Accept if it is equal to or less amount of years that is acceptable Reject if the years are over the acceptable payback period