Suppose that Bob from Accounting listened to my video on the Payback period rule and made the following claim:

• "If we discount the future cash flows and then calculate the Payback period, then the rule would have no obvious flaws since it would take into account both the time value of money as well as risk."

Briefly assess this claim. Does the "discounted" Payback period rule fix all of the issues present in the standard Payback period rule?