Proposals M and N each cost $1,000,000, have 6-year lives, and have expected total cash flows of $1,200,000. Proposal M is expected to provide equal annual net cash flows of $200,000, while the net cash flows for Proposal N are as follows:

Year 1	$450,000
Year 2	$200,000
Year 3	$150,000
Year 4	$100,000
Year 5	$175,000
Year 6	$125,000

Determine the cash payback period for each proposal. Show all calculations. Rounds answers to 2 decimal place.

If resources are limited, which proposal should the company invest in? Why.