Haukea Clothing Inc. is evaluating two capital investment proposals for a retail outlet, each requiring an investment of $225,000 and each with an eight-year life and expected total net cash flows of $360,000. Location 1 is expected to provide equal annual net cash flows of $45,000, and Location 2 is expected to have the following unequal annual net cash flows: Year 1 $88,000 Year 5 $47,000 Year 2 65,000 Year 6 38,000 Year 3 43,000 Year 7 27,000 Year 4 29,000 Year 8 23,000 Determine the cash payback period for both location proposals. Location 1 Location 2 years years