If point \(P\) lies on the unit circle at coordinates \((0.5, -0.866)\), which quadrant does \(P\) lie in and what is the approximate angle in standard position?
- Quadrant \(\text{III}\), 210\(^{\circ}\)
- Quadrant \(\text{IV}\), 300\(^{\circ}\)
- Quadrant \(\text{III}\), 240\(^{\circ}\)
- Quadrant \(\text{IV}\), 330\(^{\circ}\)