Which factor determines the length of capital investment cycle relating to manufacturing equipment?

1. The length of time the company take to repay the loan used to buy the asset.
2. The length of time the asset is used for (or unit it is sold if this is shorter)
3. The cost of asset, less any proceeds recovered when the asset is sold.
4. The amount of time it takes for the cumulative profit made on using the asset to exceed the cost (the Payback Period)