Which of the following is correct about the various cash management models?

		a. BAT assumes unsteady, uncertain cash outflows.
		b. BAT is generally considered one of the most complex cash management models in
		practice.
		c. The Miller-Orr model assumes the transaction cost of trading securities varies on a daily
		basis.
		d. The Miller-Orr model assumes cash flows fluctuate randomly from day to day.
		e. In the Miller-Orr model, cash flows can fluctuate up but not down.