Suppose we find that it takes 4 years before the cumulative amount of project cash flows become greater than the initial investment. Suppose also that the firm establishes the cutoff payback to be 3 years. What capital budgeting model are we using, and what decision is recommended from that model?

		IRR; Accept the project
		NPV: Reject the project
		Payback; Accept the project
		Payback; Reject the project
		IRR: Reject the project