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HotFoot Shoes would like to maintain its cash account at a minimum level of $37,000 but expects the standard deviation in net daily cash flows to be $3,200, the effective annual rate on marketable securities to be 3.3 percent per year, and the trading cost per sale or purchase of marketable securities to be $320 per transaction.
What will be its optimal upper cash limit? (Use 365 days a year. Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Optimal upper cash limit $
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