Russ E. breeds and raises horses. He is currently considering purchasing a new property that will cost $2,200,000. The property includes a barn and several horses. Due to the unique nature of the business, the cash flows associated with the property occur at the end of every 6-month interval. Russ estimates that the cash inflows will exceed the cash outflows by $82,000 each 6-month period. Russ estimates he will sell the property in 30 years for $1,690,000. What is the payback period of the new property?