Your company would like to buy some additional land and build a new assisted living centre. The anticipated total cost is $11.80 million. You are quite conservative and will only do when the company has sufficient funds to pay cash for the entire project. The company has decided to save $205,000 a month for this purpose, starting one month from today. The saving account earns 6.50% compounded semi-annually. How many years does the company have to wait before expanding its operations?