Franklin 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. Franklin would sell it at the end of the fifth year of its useful life. The expected cash inflows and outflows follow: Cash Inflow Cash Outflow $ 86,800 Year Year 1 Year 1 Year 2 Year 3 Year 3 Year 4 Year 5 Year 5 Nature of Item Purchase price Revenue Revenue Revenue Major overhaul Revenue Revenue Salvage value $ 33,500 33,500 28,500 8,700 19,500 17,500 7,500 Required a.&b. Determine the payback period using the accumulated and average cash flows approaches. (Round your answers to 1 decimal place) years a Payback penod (accumulated cash flows) b. Payback period (average cash flows) years