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 $11$ percent, and that the maximum allowable payback and discounted payback statistics for your company are $3\mathrm{.}0$ and $3\mathrm{.}5$ years, respectively.

Time: $012345$

Cash flow: $$$$241,000$ $$66,400$ $$84,600$ $$141,600$ $$122,600$ $$81,800$

Use the payback decision rule to evaluate this project.