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2. Short-Term Financial Policy and Cash Budget (60 points) a) Compute thc cumulative surplus given that the firm requires a minimum cash balance of $20. 01 02 03 04 Beginning cash balance 20 Net cash inflow 137 -76 -71 39 Ending cash balance Minimum cash balance Cumulative surplus (deficit) -20 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 amounty? c) With average accounts receivable of S5 million and credit sales of S24 million, you factor receivables by discounting them 2%. What is the effective rate of interest