Jordan 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. Jordan 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 $89,600 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 $34,500 34,500 29,500 8,900 20,500 18,500 7,700 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 period (accumulated cash flows) b. Payback period (average cash flows) years