Security Atlantic Bank Corporation is evaluating two capital investment proposals for a drive-up ATM, each requiring an investment of \($200,000\) and each with an 8-year life and expected total net cash flows of \($400,000.\) Location 1 is expected to provide equal annual net cash flows of \($50,000,\) and Location 2 is expected to have the following unequal annual net cash flows:

Determine the cash payback period for both proposals.

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Year 1 $90,000 Year 5 $40,000 Year 2 60,000 Year 6 40,000 Year 3 50,000 Year 7 40,000 Year 4 40,000 Year 8 40,000