Primera Banco is evaluating two capital investment proposals for a drive-up ATM kiosk, each requiring an investment of $360,000 and each with an 8-year life and expected total net cash flows of $480,000. Location 1 is expected to provide equal annual net cash flows of $60,000, and Location 2 is expected to have the following unequal annual net cash flows:

Determine the cash payback period for both location proposals.

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Year 5 Year 6 $30,000 Year 1 $120,000 Year 2 30,000 30,000 90,000 Year 3 Year 7 75,000 Year 8 Year 4 75,000 30,000