Sarasota Company is considering two capital investment proposals. Relevant data on each project are as follows: Project Red Project Blue Capital investment $478,000 678,000 Annual net income 40,000 75,000 Estimated useful life: 8 years 8 years Depreciation is computed by the straight-line method with no salvage value. Sarasota requires an 8% rate of return on all new investments. The present value of 1 for 8 periods at 8% is 0.54027 and the present value of an annuity of 1 for 8 periods is 5.74664. Click here to view PV tables. (a) Your answer has been saved. See score details after the due date. Compute the cash payback period for each project. (Round answers to 1 decimal place, eg. 15.2.)