Sheffield Company is considering two capital investment proposals. Relevant data on each project are as follows: Project Red Project Blue Capital investment $480,000 680,000 Annual net income 41,000 76,000 Estimated useful life 8 years 8 years Depreciation is computed by the straight-line method with no salvage value. Sheffield 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) Compute the cash payback period for each project. (Round answers to 1 decimal place, eg. 15.2.) Project Red Project Blue