Project P has a cost of $1,000 and cash flows of $300 per year for three years plus another $1,000 in Year 4. The discount rate is 15 percent. a. What’s the discounted payback period? b. If the...

Project P has a cost of $1,000 and cash flows of $300 per year for three years plus another $1,000 in Year 4. The discount rate is 15 percent. a. What’s the discounted payback period? b. If the company requires a payback of three years or less, would the project be accepted?