2 Meadow Brook Manor would like to buy some additional land andbuild a new assis

2 Meadow Brook Manor would like to buy some additional land andbuild a new assisted living center. The anticipated total cost is$23.6 million. The CEO of the firm is quite conservative and willonly do this when the company has sufficient funds to pay cash forone-half of the entire construction project. Management hascommitted to set aside $500000 per quarter. The firm earns 5.25percent compounded quarterly on the funds it saves. How long doesthe company have to wait before expanding its operations?Answer4.91 years5.02 years5.17 years5.97 years6.17 years