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Meadow Brook Manor would like to buy some additional land andbuild a new assisted living center. The anticipated total cost is$25 million. The CEO of the firm is quite conservative and willonly do this when the company has sufficient funds to pay cash forthe entire construction project. Management has decided to save$1.4 million a quarter for this purpose. The firm earns 6 percentcompounded quarterly on the funds it saves. How long does thecompany have to wait before expanding its operations?a. 3.99 years b. 7.99 years c. 3.49 years d. 6.79 years e. 4.89yearsCan you show me how to do this in excel? Thank youI would like to use a formula in excel to solve it.
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