Chinook Industries Inc. is evaluating two capital investment proposals for a retail outlet, each requiring an investment of $900,000 and each with an eight-year life and expected total net cash flows of $1,000,000. Location 1 is expected to provide equal annual net cash flows of $200,000, and Location 2 is expected to have the following unequal annual net cash flows:

Year 1...............................$300,000.................Year 5.....................$50,000

Year 2.................................220,000.................Year 6.......................50,000

Year 3.................................180,000.................Year 7.......................30,000

Year 4.................................150,000.................Year 8.......................20,000

Determine the cash payback period for both location proposals.