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 $7$ 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: $$$ $5,000$ $ $1,270$ $ $2,470$ $ $1,670$ $ $1,670$ $ $1,470$ $ $1,270$

Use the PI decision rule to evaluate this project.

Note: Do not round intermediate calculations and round your final answer to $2$ decimal places.