A team worked with a customer to estimate all user stories for the must have features. During release planning sessions, the customer indicated they prefer 3-week iterations that begin on Thursdays and end on Wednesdays. The team spent several days determining which stories should be developed for iteration 0 and understanding the customer’s priorities for the remaining stories. The project sponsor attends the Friday meeting and requests a high-level estimate of when they can invite the chief executive officer (CEO) to a demonstration of the minimum viable product (MVP).

What should the team tell the sponsor at this point in the planning process?