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A project has a required discounted payback period of 3 years. Which one of the following statements is correct concerning the discounted payback analysis of this project? The cash flows in each of the three years must exceed 1/3 of the project's initial cost if the project is to be accepted. The cash flow in year 3 is ignored. The project's cash flow in year 3 is discounted by a factor of (1+r)3. The cash flow in year 2 is valued just as highly as the cash flow in year 1. The project is acceptable whenever the discounted payback period exceeds three years