Instructions: Please complete the problems below and show all work, please!

3. Proposals L and K each cost $500,000, have 6-year lives and have expected total cash flows of $720,000. Proposal L is expected to provide equal annual net cash flows of $120,000, while the net cash flows for Proposal K are as follows:

Year 1	$250,000
Year 2	200,000
Year 3	100,000
Year 4	90,000
Year 5	60,000
Year 6	20,000
	$720,000

Determine the cash payback period for each proposal.