Two investment proposals are under review. The following figures are given:

Project X Project Y

Investment P92,000 P92,000

Year Cash Returns Salvage Value Cash Returns Salvage Value

1 P20,000 P40,000 P8,000 P15,000

2 22,000 30,000 12,000 10,000

3 25,000 25,000 18,000 5,000

4 30,000 10,000 16,000 2,000

5 28,000 5,000 10,000 1,000

Estimate the payback bailout period for each proposal. Assume that salvage value remains constant during the particular year for which it is given.