Rooney 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. Rooney 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					$	89,200
Year 1	Revenue	$	36,500
Year 2	Revenue		36,500
Year 3	Revenue		25,500
Year 3	Major overhaul						9,300
Year 4	Revenue		22,500
Year 5	Revenue		20,500
Year 5	Salvage value		8,100

Required

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