Perer Company has an opportunity to purchase a ford to use in its heavy equipment rental business. The would be leased on an annual basis during its first two years of operation. Thereafter, it would be leased to the general publicon demand. Perer would sell at the end of the fifth year of its useful life. The expected cash flows and out how follow Cash Teflow cos Outflow 986,400 Year 1 Nature of item Purchase price Revenue Revenge Reven Major overhaal Revende Revenge Salvage value $35,500 35.500 26.500 Tear Tear 2 Year Year) Year 4 Year 5 Year S 9.00 21.500 7.900 Required a.&b. Determine the payback period using the accumulated and average cash flows approaches (Round your answers to 1 decimal place.) Payback period accumulated cash flows) b. Payback period (average cash fows)