Cash Payback Period

Wyoming Woodworks is evaluating two capital investment proposals for a retail outlet store, each requiring an investment of $1,013,000 and each with a five-year life and expected total net cash flows of $1,266,250. Location 1 is expected to provide equal annual net cash flows of $253,250, and Location 2 is expected to have the following unequal annual net cash flows:

Year 1	$405,000
Year 2	375,000
Year 3	233,000
Year 4	178,900
Year 5	74,350

Determine the cash payback period for both location proposals.

Location 1	years
Location 2	years