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 $2\mathrm{.}0$ and $3\mathrm{.}0$ years, respectively.

Time: $0123456$

Cash flow: $$$ $7,400$ $ $1,150$ $ $2,350$ $ $1,550$ $ $1,550$ $ $1,350$ $ $1,150$

Use the PI decision rule to evaluate this project.

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