What's your investment style? Sooner or later, all investors are faced with the challenge of having to answer this pretty loaded question.

Although it's always good to clarify our general tolerance for risk-taking, we should never forget two important things:

  1. Growth and value investing are joined at the hip.
  2. The most awesome growth stocks are also undervalued stocks.

The best of both worlds
The key to investing is putting your money on the most attractive risk/reward propositions that Mr. Market has to offer. And buying growing companies at discounted prices is probably the best method by which to do that. This approach earns you the double benefit of buying a stock that trades below its fair value today, and owning a business that's well-positioned to grow that value tomorrow.

We've got these stocks PEG-ed
So, with our hearts set on growth -- but our brains stubbornly fixated on getting a fair price for it -- here are seven more reasonably priced, fast growing favorites of our Motley Fool CAPS community.

In addition to having five-year estimated growth rates of at least 15%, and PEG ratios below 1, these stocks have received a four- or five-star rating from our CAPS pool of more than 76,000 individual and professional investors.

Company

Est. 5-yr. Earnings Growth Rate

PEG Ratio

CAPS rating

Canadian National Railway (NYSE:CNI)

16%

0.94

*****

Companhia Vale do Rio Doce 

17%

0.90

*****

Cognizant Technology (NASDAQ:CTSH)

33%

0.84

*****

Chesapeake Energy (NYSE:CHK)

21%

0.60

*****

Noble 

21%

0.55

*****

MEMC Electronic Materials 

30%

0.78

****

Cummins (NYSE:CMI)

21%

0.73

****

Data from Yahoo! Finance and Motley Fool CAPS.

As always, don't take these stocks as well-formulated investment recommendations, but rather as candidates for further research.

To get you started, here's a brief summary of two stocks that caught my attention.

Cognizant of the facts
Financial stocks aren't the only ones being beaten in the subprime mess. Indian IT service giant Cognizant Technology, for instance, is down 25% over the last year on fears that it will experience a shortfall from its financial clients. Yet many CAPS Fools continue to believe that Mr. Market's punishment has been overdone.

Specifically, many players point to Cognizant's phenomenal operating history and diversified geographic base as reasons why it should bounce back. Management has already authorized a $100 million repurchase of shares, so it's possible that even it believes the stock is a steal.

Of course, consulting giants like IBM (NYSE:IBM), Infosys (NASDAQ:INFY), and Accenture are suffering through their own subprime sentences, so there are a few ways to play this angle.

CAPS player bohlmanch comments on the drop:

This magnificent performer is way oversold on minor short term sector news that hardly affect this company. It has proven it can grow revenues and earnings and maintain margins and that it has scalability to maintain strength through fat and lean times. It is very hard to find a company with this strong a history selling at 21 times forward (2008) earnings.

Cummins or goin'?
Cummins is yet another cheap-ish growth stock with a top rating in CAPS. The stock made a big move over the last year, but has slowed in the last few months, prompting several Fools to chime in with bullish "bargain" opinions. 

Cummins has recently experienced a significant slowdown in its diesel engine business, but our community doesn't seem overly concerned. CAPS investors cite Cummins' diversified lines of business (which include medium- and heavy-duty trucks, light commercial vehicles, and buses, among others) and global growth tailwinds -- as environmental standards become more stringent -- as reasons why the drop in demand isn't so bad.

Throw in recently signed deals with Ford (NYSE:F) and DaimlerChrysler to supply medium- and light-duty engines, and you've got a growth stock to keep on the watch list.

CAPS All-Star reddingrunner revs 'er up:

Cummins is still cheap, given their growth prospects. If the developing world keeps developing and building Cummins is well-positioned to grow exponentially. This isn't some quiet midwestern U.S. company anymore. I would wait for a pullback to invest real money, but even if the market falls, Cummins should outperform the S&P.

Get growing, Fool
So, does the sound of buying high-growth companies at decent prices make complete sense to you? More appropriately, how could it not? Join our CAPS community to get more analysis on the above ideas, create your own list of fairly priced growers, or even weigh in with a sharp opinion of your own.

You'll have access to stock ideas that can provide the best of both value and growth investing worlds. Oh, and it's absolutely free. Now, that's what I call a reasonable price.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. The Fool has a disclosure policy.