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Rose Resources faces a smooth annual demand for cash of $11.2 million; Incurs transaction costs of $385 every time they sell marketable securities and can

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Rose Resources faces a smooth annual demand for cash of $11.2 million; Incurs transaction costs of $385 every time they sell marketable securities and can earn 5.1 percent on their marketable securities. What will be their optimal cash replenishment level? (Round your answer to 2 decimal places.)

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