Adams Airline Company is considering expanding its territory. The company has the opportunity to purchase one of two different used airplanes. The first airplane is expected to cost $20,280,000; it will enable the company to increase its annual cash inflow by $5,200,000 per year. The plane is expected to have a useful life of five years and no salvage value. The second plane costs $50,000,000; it will enable the company to increase annual cash flow by $10,000,000 per year. This plane has an eight-year useful life and a zero salvage value.

Determine the payback period for each investment alternative and identify the alternative Adams should accept if the decision is based on the payback approach.