Determine the optimal policy for obtaining cash

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Economic order quantity question! Please help by showing all your work!

A bank branch must keep a stock of cash in hand for customer withdrawals. The net daily withdrawal rate at the branch is $10,000. The opportunity cost of cash is 6% per year. Replenishment of cash stock from the central bank requires careful accounting and contracting to an armored delivery service. The cost is $400 per replenishment and requires two days’ notice to the carrier. Determine the optimal policy for obtaining cash.

Reference no: EM13841957

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