A proposed new venture will cost $175,000 and should produce annual cash flows of $48,500, $85,000, $40,000, and $40,000 for Years 1 to 4 respectively. The required payback period and discounted payback period is 3 years. The discount rate is 9 percent. Which methods indicate project acceptance and which indicate project rejection?

a. accept: NPV, IRR, PI, payback; reject: discounted payback

b. accept: NPV, IRR; reject: PI, payback, discounted payback

c. accept: NPV, IRR, PI; reject: payback, discounted payback

d. accept: payback, discounted payback; reject: NPV, IRR, PI

e. accept: payback, PI; reject: NPV, IRR, discounted payback