Cash Payback Period for a Service Company Jane's Clothing Inc. is evaluating two capital investment proposals for a retail outlet, each requiring an investment of $120,000 and each with an eight-year life and expected total net cash flows of $240,000. Location 1 is expected to provide equal annual net cash flows of $30,000, and Location 2 is expected to have the following unequal annual net cash flows: Year 1 Year 2 $54,000 41,000 Year 3 25,000 Year 4 38,000 Year 5 29,000 Year 6 22,000 Year 7 17,000 Year 8 14,000 Determine the cash payback period for both location proposals. Location 1 Location 2 years years