Fanning Company has an opportunity to purchase a forklift to use in its heavy equipment rental business. The forklift would be leased on an annual basis during its first two years of operation. Thereafter, it would be leased to the general public on demand. Fanning would sell it at the end of the fifth year of its useful life. The expected cash inflows and outflows follow Year Nature of Item Cash Inflow Cash Outflow Year 1 Purchase price $84,000 Year 1 Revenue $32,500 Year 2 32,500 27,500 Year 3 Major overhaul 8,500 Yenr 4 Revenue 18,500 Year 5 Revenue 16,500 Year 5 Salvage value 7.300 Revenue Revenue Year 3 Required a.&b. Determine the payback period using the accumulated and average cash flows approaches. (Round your answers to 1 decimal place.) a. Payback period (accumulated cash flows) b. Payback period (average cash flows) years years