Finch 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. Finch 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
Year 1	Purchase price					$	85,400
Year 1	Revenue	$	33,000
Year 2	Revenue		33,000
Year 3	Revenue		28,000
Year 3	Major overhaul						8,600
Year 4	Revenue		19,000
Year 5	Revenue		17,000
Year 5	Salvage value		7,400

Required

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