The cash flows associated with an investment project are as follows: Cash Flows Initial Outflow -$70,000 Year 1 $20,000 Year 2 $30,000 Year 3 $30,000 Year 4 $30,000 What is the payback period of the project? If a firm's cutoff payback period is 3 years, should it accept the project? a. 2.7 year accept the project b. 2.5 years reject the project c. 3.5 years accept the project d. 3.5 years reject the project