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33. Rose Axels faces a smooth annual demand for cash of $8 million; incurs transaction costs of $200 every time they sell marketable securities, and

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33. Rose Axels faces a smooth annual demand for cash of $8 million; incurs transaction costs of $200 every time they sell marketable securities, and can earn 3.8 percent on their marketable securities. What will be their optimal cash replenishment level? A. $264,583.03 B. $278,997.38 C. $290,190.50 D. $313,809.26

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