Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is $8$ percent, and that the maximum allowable payback and discounted payback statistics for the project are $3\mathrm{.}5$ and $4\mathrm{.}5$ years, respectively.

Time: $0123456$

Cash flow: $$$ $5,000$ $ $1,230$ $ $2,430$ $ $1,630$ $ $1,550$ $ $1,430$ $ $1,230$

Use the payback decision rule to evaluate this project.

Note: Round your answer to $2$ decimal places.

Should it be accepted or rejected?