Central Trailer Supply Has Received Three Proposals for Its New

Central Trailer Supply has received three proposals for its new trailer assembly line.Information on each proposal is as follows:
$$\begin{array} { | l | r | r | r | } \hline & \text { Proposal X } & \text { Proposal Y } & \text { Proposal Z } \\\hline \text { Initial investment in equipment } & \$ 115000 & \$ 130000 & \$ 14500 \\\hline \text { Working capital needed } & 0 & 0 & 15000 \\\hline \text { Annual cash saved by operations: } & & & \\\hline \text { Year 1 } & 55000 & 60000 & 60000 \\\hline \text { Year 2 } & 55000 & 40000 & 60000 \\\hline \text { Year 3 } & 55000 & 40000 & 60000 \\\hline \text { Year 4 } & 55000 & 10000 & 6000 \\\hline \text { Salvage value end of year: } & & & \\\hline \text { Year 1 } & 30000 & 25000 & 45000 \\\hline \text { Year 2 } & 25000 & 20000 & 40000 \\\hline \text { Year 3 } & 20000 & 15000 & 35000 \\\hline \text { Year 4 } & 15000 & 10000 & 25000 \\\hline \text { Working capital returned: } & 0 & 0 & 15000 \\\hline\end{array}$$
Required:
Determine each proposal's payback.
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