Cash payback period for a Service Company

Prime Financial Inc. is evaluating two capital investment proposals for a drive-up ATM kiosk, each requiring an investment of $150,000 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	$68,000		Year 5	$22,000
Year 2	51,000		Year 6	16,000
Year 3	31,000		Year 7	13,000
Year 4	29,000		Year 8	10,000

Determine the cash payback period for both location proposals.

Location 1	years
Location 2	years