You are given the following financial data about a new system to be implemented at a company:

• Investment cost at n = 0: $23,000
• Investment cost at n = 1: $18,000
• Useful life: 10 years
• Salvage value (at the end of 11 years): $7,000
• Annual revenues: $19,000 per year
• Annual expenses: $6,000 per year
• MARR: 10%
• The first revenues and expenses will occur at the end of year 2.

(a) Determine the conventional-payback period.
(b) Determine the discounted-payback period.