Additional land and build a new assisted living center

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Reference no: EM131016008

Meadow Brook Manor would like to buy some additional land and build a new assisted living center. The anticipated total cost is $29 million. The CEO of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire construction project. Management has decided to save $1.7 million a quarter for this purpose. The firm earns 7 percent annual return compounded quarterly on the funds it saves. How long does the company have to wait before expanding its operations? FORMAT to 4 Decimal places

Reference no: EM131016008

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