Ottawa Manor Would Like to Buy Some Additional Land and Build

question 47

Multiple Choice

Ottawa Manor would like to buy some additional land and build a new assisted living center. The anticipated total cost is $12.4 million. The CEO of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire construction project. Management has decided to save $235,000 a month for this purpose. The firm earns 7% compounded monthly on the funds it saves. How long does the company have to wait before expanding its operations?

• A) 30.32 months
• B) 31.23 months
• C) 46.14 months
• D) 49.68 months
• E) 54.00 months

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