A project has an initial investment of $1,500,000. If the expected cash inflows from the project are $600,000 in year 1, $342,000 in year 2, $255,000 in year 3, and $375,000 in year 4, what is the project’s payback? If the firm’s hurdle payback rate were 3.5 years, would you accept the project? 4. What is the project’s modified internal rate of return if the cost of capital is 13%. Would you accept this problem?