Vernon Airline Company is considering expanding its territory. The company has the opportunity to purchase one of two different used airplanes. The first airplane is expected to cost $17,250,000; it will enable the company to increase its annual cash inflow by $6,900,000 per year. The plane is expected to have a useful life of five years and no salvage value. The second plane costs $42,680,000; it will enable the company to increase annual cash flow by $9,700,000 per year. This plane has an eight-year useful life and a zero salvage value. Required a1. Determine the payback period for each investment alternative. a2. Identify the alternative Vernon should accept if the decision is based on the payback approach. Note: Round your answers to 1 decimal place. 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 fith year of its useful life. The expected cash inflows and outfows follow: Required a.\&b. Determine the payback period using the accumulated and average cash flows approaches. Note: Round your answers to 1 decimal place