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Given the following information about cash management of the Evergreen Company: Average cash payment is $114,000 per month. The company invests spare cash in Treasury

Given the following information about cash management of the Evergreen Company: Average cash payment is $114,000 per month. The company invests spare cash in Treasury Bills at an annual interest rate of 3.60%. The cost of each transaction of Treasury bills is $27. What is the average cash balance of the Evergreen Company? Question 6 Answer a. $22,650 b. $16,016 c. $13,077 d. $9,247 e. $45,299

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