For this assignment, you will write a C++ application called calcPay for a financial company. The goal of this program is to determine gross pay for a 4-week pay period based on an hourly rate and the number of hours worked in each week of the pay period. Anyone working over 40 hours a given week earns time-and-a-half. Assignment InstructionsPart 1: Write the Application Write a C++ console application that asks the user to enter the hourly wage and number of hours worked for each week in a 4-week pay period. Create a custom function with appropriate input parameters and return type that calculates the total gross pay based on the values entered by the user. Use suitable loops for the user input and the processing of data entered by the user. The program should print out the gross pay for the pay period for the employee. Part 2: Describe the Application Write a 3–5-page paper in which you complete the following: Define and document the requirements for the calcPay application. Describe the stakeholders needed to help further define the application. Describe a collaboration plan for working with stakeholders. Analyze the behavior of basic, procedural-based programming constructs. Define the functions you have used in your application. Define the IF statements you have used in your application. Explain how the IF statements work. Define the loops you used in your program. Explain how the loops work. Explain how your application works and any issues you encountered with the application. Include a screenshot of your application, using the Print Screen function, to show that your application works. Submit both the source code file(s) and the Word document with the paper.