Proposals M and N each cost $600,000 and have 6 year lives and have expected total cash flow of $750,000. Proposal M is expected to provide equal annual net cash flows of $125,000 while the net cash flow for proposal N are as follows:

1 year $250,000

year 2 $200,000

year 3 $150,000

year 4 $75,000

year 5 $50,000

year 6 $25,000

Determine the cash payback period for each proposal.