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Assume that Everymans Bookstore uses up cash at a steady rate of $200,000 per year. The interest rate is 4% and each sale of securities
| Assume that Everymans Bookstore uses up cash at a steady rate of $200,000 per year. The interest rate is 4% and each sale of securities costs $40. |
| a. | How many times a year should the store sell securities? (Round your answer to 2 decimal places.) | ||
| b. | What is its average cash balance? (Round your answer to the nearest whole dollar.) | ||
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Core Concepts Of Accounting
Authors: Robert N. Anthony, Leslie Pearlman Breitner
8th Edition
0130406716, 9780130406712
