Proposals M and N each cost $550,000, have 6-year lives, and have expected total cash flows of

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Proposals M and N each cost $550,000, have 6-year lives, and have expected total cash flows of $750,000. Proposal M is expected to provide equal annual net cash flows of $125,000, while the net cash flows for Proposal N are as follows: Year 1 $250,000

Year 2 200,000

Year 3 150,000

Year 4 75,000

Year 5 50,000

Year 6 25,000

$750,000

Determine the cash payback period for each proposal. Round your answers to three decimal places.

Proposal M ______years

Proposal N ______years