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When calculating a firm s enterprise value, what portion of the firm s cash should be included, in order to remain in the enterprise value?

When calculating a firms enterprise value, what portion of the firms cash should be included, in order to remain in the enterprise value?
Multiple Choice
The average cash balance over the past three years
Only the amount necessary to maintain a constant EV/EBITDA ratio
None of the cash should be included
Only the amount needed to run the business
Somewhere between 25 and 50 percent, at the analysts discretion

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