You're reviewing an investment in a rental property that costs $15,000. You believe that this property will yield you positive cash flows of: $1,200 $1,300 $1,400 $1,500 $1,600 in the first 5 years. 1. If you sell the land in Year 5 at the same time you receive the final rental cash flow, what is your payback period? Assume a sale price at a 20% gain over initial investment. What is your standard payback period? Assume a discount rate equal to the average SPY annual return of 11%