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 3.5 and 45 years, respectively. Time: Cash flow: -$5,000 1 $1,200 2 $2,400 $1,600 $1,680 $1,400 6 $1,200 Use the payback decision rule to evaluate this project. (Round your answer to 2 decimal places.) Payback years Should it be accepted or rejected? rejected accepted