Consider a project that costs $10,000 today. It will provide benefi ts of $4,000 at the end of Year 1, $3,500 at the end of Year 2, and $3,500 at the end of Year 3. If the discount rate is 6 percent, will this project be approved using cost-benefi t analysis? Would your answer change if the discount rate is:

(a) 5 percent?

(b) 4 percent?