Compute the cumulative surplus given that the firm requires a minimum cash balance of $20

	Q1	Q2	Q3	Q4
Beginning cash balance	20
Net cash inflow	137	-76	-71	39
Ending cash balance
minimum cash balance	-20
cumulative surplus (Defecit)

In which quarter(s) does the firm have a surplus? In which quarter(s) does the firm need to borrow funds? b) With a quoted interest rate of 5% and a 10% compensating balance, what is the effective rate of interest (use a $200,000 loan proceeds amount)? c) With average accounts receivable of $5 million and credit sales of $24 million, you factor receivables by discounting them 2%. What is the effective rate of interest?