The Corbin Carroll Company bought new machinery for $$5$ million. This is expected to result in additional cash flows of $$1\mathrm{.}2$ million over the next seven years. What is the payback period for this project? If its acceptance period is five years, will this project be accepted? $($Round your answer to two decimal places.$)$

$4\mathrm{.}17$ years

$4\mathrm{.}10$ years

$4\mathrm{.}00$ years

$5\mathrm{.}00$ years