3. A project proposal requiring P840,000 initial investment will result to annual cash return of : Year 1 P65,000; year 2 P150,250; year 3 P275,750; year 4 P350,600; year 5 P245,600; and, year 6 P120,400. Required: (10 pts.) a. If the current cost of funds is 12% and the decision criteria are the net present value and discounted payback, should the project be implemented? b. What is the project's payback period?