Jane's Clothing Inc. is evaluating two capital investment proposals for a retail outlet, each requiring an investment of $200,000 and each with an eight-year life and expected total net cash flows of $320,000. Location 1 is expected to provide equal annual net cash flows of $40,000, and Location 2 is expected to have the following unequal annual net cash flows: Year 1 Year 2 Year 3 $78,000 58,000 38,000 26,000 42,000 un Year 6 Year 7 34,000 24,000 20,000 Year 8 Determine the cash payback period for both location proposals. Location 1 1 x years Location 2 3 X years