You and a group of friends have purchased an annual lease at a commercial fishing pond for the last several years. It is possible to renew the lease for up to 5 years. Based on past costs, you calculated the AW values for different lease periods.

Current Lease Renewal, years	AW Value, $ per year
1	−9200
2	−8100
3	−8700
4	−8900
5	−9500

Another lease option, a few miles further from your home, is available with an economic service life of 7 years and an AW of $−8600. Assuming all future costs remain unchanged, when should you renew the current lease? You value your recreation highly by using a MARR of 25% per year.

The current lease should be renewed in years.