Nations Trust is evaluating two capital investment proposals for a drive-up ATM kiosk, each requiring an investment of $320,000 and each with an eight-year life and expected total net cash flows of $512,000. Location 1 is expected to provide equal annual net cash flows of $64,000, 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 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 $110,000 $48,000 48,000 48,000 48,000 80,000 70,000 60,000