In October, a firm had an ending cash balance of 35,000. In November, the firm had a net cash flow of 40,000. The minimum cash balance required by the firm is 25,000. At the end of November, the firm had

Select one:

a.

an excess cash balance of 75,000.

b.

an excess cash balance of 50,000.

c.

required total financing of 5,000.

d.

required total financing of 15,000.