Perez 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. Perez would sell it at the end of the fifth year of its useful life. The expected cash inflows and outflows follow. Year Year 1 Cash Inflow Cash Outflow $86,400 Nature of Item Purchase price Year 1 Revenue $35,500 Year 2 Revenue 35,500 Year 3 Revenue 24,500 Year 3 Major overhaul 9,100 Year 4 Revenue 21,500 Year 5 Revenue 19,500 Year 5 Salvage value 7,900 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) years b. Payback period (average cash flows) years