A project that costs $3,500 to install will provide annual cash flows of $700 for the next 7 years. The firm accepts projects with payback periods of less than 4 years. a. What is this project's payback period? Note: Round your answer to 3 decimal places. b. Will the project be accepted? c-1. What is the project NPV if the discount rate is 3%? Note: Negative amount should be indicated by a minus sign. Do not round intermediate calculations.