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.