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Sonic has no debt, and maintains a policy of holding $ 8 0 million in excess cash reserves, invested in risk - free treasury securities

Sonic has no debt, and maintains a policy of holding $

80

million in excess cash reserves, invested in risk

-

free treasury securities currently yielding

4.0 % .

If Sonic has a

30 %

corporate tax rate, the cost of permanently maintaining this $

80

million reserve is closest to:

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