Winston enterprises would like to buy some additional land and build a new factory. the anticipated total cost is $158.82 million. the owner of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire expansion project. management has decided to save $590,000 a month for this purpose. the firm earns 6 percent compounded monthly on the funds it saves. how long does the company have to wait before expanding its operations? (do not round intermediate calculations.)

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.