A company is considering the purchase of a new piece of equipment that costs $51,200 and will have a salvage value of $5,120 after 9 years. Using the new piece of equipment will increase annual cash flows by $6,120. Required: a. What is the payback period for the new piece of equipment? b. Suppose that the increase in cash flows was $10,120 in the first year, then decreased by $1,000 each year over the life of the equipment. What is the payback period for the equipment? Complete this question by entering your answers in the tabs below. Required A Required B What is the payback period for the new piece of equipment? Note: Round your answer to 2 decimal places. Payback Pentod Years Required A Required B >