Problem 1 The Golden Ridge Golf Course has decided to erect a fence to keep intruders off its golf course. The estimated cost of the fence is $20,000, and annual maintenance is expected to be $2,000. The fence is expected to have a useful life of 20 years. The value of the benefits is expected to be as follows: - Eliminate vandalism to the course, which is costing an estimated $4,000 annually. - Increased play. It is estimated that several partial rounds are played by golfers playing on the back nine without paying. The estimated annual benefit - net of any increased costs - related to more rounds of golf is $2,000. Required: Determine the payback period of this capital investment