Exercise 16-12 Determining the payback period LO 16-4 Bailey 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 $24,150,000; it will enable company to increase its annual cash inflow by $6,900,000 per year. The plane is expected to have a useful life of five years and no salvage value increase annual cash flow by $9,300,000 per year. This plane has an eight-year useful life and a zero salvage value. Required a-1. Determine the payback period for each investment alternative. (Round your answers to 1 decimal place. Alternative 1 Alternative 2 Payback Period years years a 2. Identifly the aternative Baliley should accept if the decision is based on the payback approach Alternative 2