Font Paragraph is Styles Project Initiation 4. (4 points): A 6-month project has been proposed. Management has said it will consider only projects with a payback period of less than one year. See below for the project's financial analysis, then answer the questions that follow: Discount rate Assume the project is done in year 0 Project duration in months); 6 Costs Discount factor Discounted costs 0 140.000 1.00 140,000 Year 1 40,000 0.93 37,037 2 40,000 0.86 34,294 3 Total 40,000 0.79 31,753 243,084 o Benefits Discount factor Discounted benefits o 1.00 0 200,000 0.93 185,185 200,000 0.86 171,468 200,000 0.79 158,766 515,419 0 a. What is the project's approximate payback period? Show your work. b. Based only on the project's payback period, should this project be eligible for further consideration? Why or why not? Explain fully in your own words