ad Company, Incorporated, has a major outlay of $$1\mathrm{.}05$ million that is needed to renovate the company's manufacturing facility. Because the company's lanagement is conservative, it won't undertake the renovation until it has the cash necessary to fund the renovation. The company plans to deposit $$95,000$ eacl uarter into an account that will earn $11$ percent per quarter. How many years will it be until the company has the money saved for the renovation?

Multiple Choice

$242$ years

$2\mathrm{.}25$ years

$274$ years

$276$ years

$262$ years