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What is the average daily cash balance

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Question - The Smythe firm expects a total cash need of $9,000 over the next 4 months. They have a beginrung cash balance of $1000, and ca replereshed when it has zero. The fixed cost of selling securities to replenish cash balances is $4.00. The interest rate on marketable securities is 8% per annum. There is a constant rate of cash desbursement and no cash receipts during the month Based on the funn current practice, what is the average daily cash balance (a month has 30 days)?

Reference no: EM133087127

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