Meadow Brook Manor would like to buy some additional land and build a new assisted living...

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Meadow Brook Manor would like to buy some additional land andbuild a new assisted living center. The anticipated total cost is$25 million. The CEO of the firm is quite conservative and willonly do this when the company has sufficient funds to pay cash forthe entire construction project. Management has decided to save$1.4 million a quarter for this purpose. The firm earns 6 percentcompounded quarterly on the funds it saves. How long does thecompany have to wait before expanding its operations?
a. 3.99 years b. 7.99 years c. 3.49 years d. 6.79 years e. 4.89years
Can you show me how to do this in excel? Thank you
I would like to use a formula in excel to solve it.

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Interest rate pa 6 Year Quarter Quartlery Saving Principal for Interest calculation Interest for the quarter Accumulated Balance Year 1 1 1400000 1400000 21000 1421000 Year 1 2 1400000 2821000 42315 2863315 Year 1 3 1400000 4263315 63950 4327265 Year 1 4 1400000 5727265 85909 5813174 Year 2 1 1400000 See Answer

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Meadow Brook Manor would like to buy some additional land andbuild a new assisted living center. The anticipated total cost is$25 million. The CEO of the firm is quite conservative and willonly do this when the company has sufficient funds to pay cash forthe entire construction project. Management has decided to save$1.4 million a quarter for this purpose. The firm earns 6 percentcompounded quarterly on the funds it saves. How long does thecompany have to wait before expanding its operations?a. 3.99 years b. 7.99 years c. 3.49 years d. 6.79 years e. 4.89yearsCan you show me how to do this in excel? Thank youI would like to use a formula in excel to solve it.