Assuming a lower limit of $1,000,000, a transaction fee of $200, and a 5 percent annual interest rate, use the Miller-Orr model to determine the upper limit and the return point of the cash balance.

Monthly Cash Flows: Bridgetown Foundation ($)
Two years ago Last year Current year Cash balance (January 1st) 610,000 1,245,000 2,016,770 Receipts 865,000 873,650 871,903 Disbursements 1,050,000 930,000 928,140 Net cash flow, January −185,000 −56,350 −56,237 Cash balance (February 1st) 425,000 1,188,650 1,960,533 Receipts 250,000 250,500 249,999 Disbursements 240,000 240,480 239,999 Net cash flow, February 10,000 10,020 10,000 Cash balance (March 1st) 435,000 1,198,670 1,970,533 Receipts 300,000 303,000 302,394 Disbursements 280,000 282,800 282,234 Net cash flow, March 20,000 20,200 20,160 Cash balance (April 1st) 455,000 1,218,870 1,990,692 Receipts 570,000 575,700 574,549 Disbursements 325,000 328,250 327,594 Net cash flow, April 245,000 247,450 246,955 Cash balance (May 1st) 700,000 1,466,320 2,237,647 Receipts 1,096,000 1,106,960 980,500 Disbursements 320,000 323,200 945,000 Net cash flow, May 776,000 783,760 35,500 Cash balance (June 1st) 1,476,000 2,250,080 2,273,147 Receipts 134,000 135,340 135,069 Disbursements 320,000 323,200 322,554 Net cash flow, June −186,000 −187,860 −187,484 Cash balance (July 1st) 1,290,000 2,062,220 2,085,663 Receipts 280,000 282,800 282,234 Disbursements 508,000 513,080 512,054 Net cash flow, July −228,000 −230,280 −229,819 Cash balance (August 1st) 1,062,000 1,831,940 1,855,844 Receipts 370,000 373,700 372,953 Disbursements 325,000 328,250 327,594 Net cash flow, August 45,000 45,450 45,359 Cash balance (September 1st) 1,107,000 1,877,390 1,901,203 Receipts 285,000 287,850 287,274 Disbursements 315,000 318,150 317,514 Net cash flow, September −30,000 −30,300 −30,239 Cash balance (October 1st) 1,077,000 1,847,090 1,870,963 Receipts 270,000 272,700 272,155 Disbursements 335,000 338,350 337,673 Net cash flow, October −65,000 −65,650 −65,519 Cash balance (November 1st) 1,012,000 1,781,440 1,805,445 Receipts 892,000 900,920 899,118 Disbursements 320,000 323,200 322,554 Net cash flow, November 572,000 577,720 576,565 Cash balance (December 1st) 1,584,000 2,359,160 2,382,009 Receipts 116,000 117,160 116,926 Disbursements 455,000 459,550 458,631 Net cash flow, December −339,000 −342,390 −341,705 Average monthly Beginning cash balance 936,083 1,693,903 2,029,204 Receipts 452,333 456,690 445,423 Disbursements 399,417 392,376 443,462 Net cash flow 52,917 64,314 1,961