Currie 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. Currie would sell it at the end of the fifth year of its useful life. The expected cash inflows and outflows follow:

Year	Nature of Item	Cash Inflow				Cash Outflow
2018	Purchase price					$	86,000
2018	Revenue	$	30,000
2019	Revenue		40,000
2020	Revenue		28,000
2020	Major overhaul						12,000
2021	Revenue		20,000
2022	Revenue		14,400
2022	Salvage value		9,600

Required

1. a.&b. Determine the payback period using the accumulated and average cash flows approaches. (Round your answers to 1 decimal place.)