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MBM estimates its expansion cost at $18.63 million and wants to fully fund upfront. Management has decided to save $1.1 million a quarter for this

MBM estimates its expansion cost at $18.63 million and wants to fully fund upfront. Management has decided to save $1.1 million a quarter for this purpose. The firm earns 6.25 percent, compounded quarterly, on its savings. How long does the firm have to wait before expanding its operations?

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