Cash payback period for a service company OBJ. 2 Fidelity Bancorp Inc. is evaluating two capital investment proposals for a drive-up ATM kiosk, each requiring an investment of $280,000 and each with an eight-year life and expected total net cash flows of $448,000. Location 1 is expected to provide equal annual net cash flows of $56,000, and Location 2 is expected to have the following unequal annual net cash flows:

Year 1 $90,000 Year 5 $42,000 Year 2 70,000 Year 6 42,000 Year 3 60,000 Year 7 42,000 Year 4 60,000 Year 8 42,000 Determine the cash payback period for both location proposals.