The Finance Commission is a constitutional body in India that is responsible for recommending the distribution of financial resources between the central government and the state governments. It is appointed by the President of India.

According to the Indian Constitution, the Finance Commission is appointed every five years. This means that after the completion of each five-year period, a new Finance Commission is constituted to undertake its functions and responsibilities.

Therefore, the correct option is option 1: 5 years. This suggests that the President of India appoints a new Finance Commission every five years to ensure the equitable distribution of financial resources in the country.