Central Trailer Supply has received three proposals for its new trailer assembly line. Information ...

Central Trailer Supply has received three proposals for its new trailer assembly line. Information on each proposal is as follows:

   Proposal X   Proposal Y   Proposal Z
Initial investment in equipment   $115,000   $130,000   $145,0000
Working capital needed   0   0   15,000
Annual cash saved by operations:         
   Year 1   55,000   60,000   60,000
   Year 2   55,000   40,000      60,000
   Year 3   55,000   40,000   60,000
   Year 4   55,000   10,000   60,000
Salvage value end of year:         
   Year 1   30,000   25,000   45,000
   Year 2   25,000   20,000   40,000
   Year 3   20,000   15,000   35,000
   Year 4   15,000   10,000   25,000
Working capital returned:   0   0   15,000

Required:
Determine each proposals payback.