Consider a policy$/$project that will pay off $$5$ million in benefits now $(2024)$ with no costs. However,

it will incur costs of $$1\mathrm{.}4$ million per year for four years starting in $2025($i$.$e$.,$ costs must be paid in

$2025,2026,2027,$ and $2028.)$

$($a$)$ Using a discount rate of $\mathrm{.}04($i$.$e$.,4\%),$ evaluate this policy$/$project in terms of present value of

net benefit $-$ should this project be undertaken? Make reference to the specific criteria you are

using.

$($b$)$ Do the same as in $($a$)$ for a discount rate of $\mathrm{.}10.$