Terrain Vehicle has received three proposals for its new vehicle painting machine. Information on ...

Terrain Vehicle has received three proposals for its new vehicle painting machine. Information on each proposal is as follows:
   Proposal X   Proposal Y   Proposal Z
Initial investment in equipment   $180,000   $120,000   $190,000
Working capital needed     0    0   10,000
Annual cash saved by operations:
Year 1   75,000   50,000   80,000
Year 2   75,000   48,000   80,000
Year 3   75,000   44,000   80,000
Year 4   75,000   8,000   80,000
Salvage value end of year:
Year 1   100,000   80,000   60,000
Year 2   80,000   60,000   50,000
Year 3   40,000   40,000   30,000
Year 4   10,000   20,000   15,000
Working capital returned   0   0   10,000

Required: Determine each proposals payback period.