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Bad Company, Incorporated, has a major outlay of $1.5 million that is needed to renovate the company's manufacturing facility. Because the company's management is conservative,
Bad Company, Incorporated, has a major
outlay of $1.5 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 $122,000 each quarter into an
account that will earn 2 percent per quarter.
How many years will it be until the company
has the money saved for the renovation?
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