A forklift will last for only 2 more years. It costs $5,300 a year to maintain. For $23,000 you can buy a new lift that can last for 10 years and should require maintenance costs of only $2,300 a year.

1). Calculate the equivalent cost of owning and operating the forklift if the discount rate is 5% per year.(Do not round intermediate calculations. Round your answer to 2 decimal places.)

2). Calculate the equivalent cost of owning and operating the forklift if the discount rate is 14% per year.(Do not round intermediate calculations. Round your answer to 2 decimal places.)