You are evaluating a project with initial investment (at year 0) of $290,000 that is expected to produce annual profits of $30,000 for 11 years starting at year 1. Your firm's cost of capital is 7.00% and their preferred payback period is 6 years or less. Will your firm accept or reject the project if they follow the payback rule? The payback rule cannot be applied in this case. Not enough information. Reject. Accept