Your firm is considering a project with the following cash flows. The firm has a weighted average cost of capital of 8%, and the firm typically accepts projects that payback in three years or less. Which of the following statements is true about the firm's project selection using discounted payback period? Year CF 0-$1,000,000 1 $500,000 2 $250,000 3 $400,000 4 S50,000 5 -$300.000 The project will payback its initial investment in 2.63 years, and the firm should accept the project. The project will payback its initial investment in 3.14 years, and the firm should accept the project. The project will payback its initial investment at a rate of 4.71%, and the firm should reject the project. None of the Above