Cool Runnings Corp. plans to construct a building after 5 years. The Chief Financial Officer suggested that the company should appropriate retained earnings and set aside cash to prepare the needed...

Cool Runnings Corp. plans to construct a building after 5 years. The Chief Financial Officer suggested that the company should appropriate retained earnings and set aside cash to prepare the needed funds for the building. It was estimated that they will most likely spend ₱40 Million. How much cash should be invested today if a time deposit will pay 6% annually? (Provide solution/ explanation)