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 8% Assume the project is done in year 0 Project duration (in months): 6 Year 0 2 3 Total Costs 140,000 40,000 40,000 40,000 Discount factor 1.00 0.93 0.86 0.79 Discounted costs 140,000 37,037 34,294 31,753 243,084 Benefits 0 200,000 200,000 200,000 Discount factor 1.00 0.93 0.86 0.79 Discounted benefits 0 185, 185 171,468 158,766 515,419 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