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Bad Company, Inc., has a major outlay of $1.05 million that is needed to renovate the...

Bad Company, Inc., has a major outlay of $1.05 million that is needed to renovate the company's manufacturing facility. Because the company's management is conservative, it won't undertake the renovation until it has the cash necessary to fund the renovation. The company plans to deposit $95,000 each quarter into an account that will earn 1.1 percent per quarter. How many years will it be until the company has the money saved for the renovation?

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Answer #1

The inputs the formulas used is as follows:


The result is as follows:

Hence, it will take around 2.62 years.

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