Walton Company has an opportunity to purchase a forklift to use in its heavy equipment rental business. The forklin 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. Wilton would sell it at the end of the fifth year of its useful life. The expected cash inflows and outflows follow Year Year 1 Year 1 Year 2 Year 3 Year 3 Year 4 Year 5 Year 5 Nature of te Purchase price Revenue Revenue Revenue Mojor overhaul Revenue Revenue Salvage value Cash InrowCash outro 396,200 $39,000 39,000 28,000 9,500 25,000 23,000 8,600 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 flows) years years