Consider an investment with an initial cost of $20,000 and is that expected to last for 5 years. The expected cash flows in years 1 and 2 are $5,000, in years 3 and 4 are $5,500 and in year 5 is $1,000. If the firm's manager decides that the cut-off periods for any project should be 3 years, should the project be accepted based on payback rules?

a. Yes

b. No