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Rose Axels faces a smooth annual demand for cash of $5.18 million, incurs transaction costs of $267 every time the company sells marketable securities, and

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Rose Axels faces a smooth annual demand for cash of $5.18 million, incurs transaction costs of $267 every time the company sells marketable securities, and can earn 3.5 percent on its marketable securities. What will be its optimal cash replenishment level? (Enter your onswer in dollors not in millions. Round your answer to 2 decimal ploces.)

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