Question 4 (1 point) Which one of the following statements is correct? 1) A longer payback period is preferred over a shorter payback period. 2) The payback rule states that you should accept a project if the payback period is less than one year. 3) The payback period ignores the time value of money. 4) The payback rule is biased in favor of long-term projects. 5) The payback period considers the timing and amount of all of a project's cash flows