A company is considering the purchase of a new plece of equipment that costs $51,700 and will have a salvage value of $5,170 after years. Using the new plece of equipment will increase annual cash flows by $6,170. Required: a. What is the payback period for the new plece of equipment? b. Suppose that the increase in cash flows was $10.170 in the first year, then decreased by $1,000 each year over the life of the equipment. Whot is the payback period for the equipment? Complete this question by entering your answers in the tabs below. What is the payback period for the new piece of equipment? Note: Round your answer to 2 decimal places