Wildcat, Inc. estimated sales (in millions of dollars) for the next four quarters as follows:

T1 T2 T3 T4 Sales $190 $210 $230 $260

Sales for the first quarter of the following year are projected at $205 million. Accounts receivable at the beginning of the year amounted to $81 million. Wildcat has a 45-day collection period.

Wildcat's purchases from suppliers in one quarter equal 50 percent of projected sales for the next quarter, and suppliers are typically paid within 36 days. Salaries, taxes and other expenses represent approximately 20 percent of sales. Interest and dividends amount to $18 million per quarter.

Wildcat plans a significant second quarter capital outlay of $94 million. Finally, the company started the year with a cash balance of $83 million and wants to maintain a minimum balance of $40 million.

to-1. Assume that Wildcat can borrow the needed funds in the short term at a rate of 3 percent quarterly and can invest the excess funds in short-term marketable securities at a rate of 2 percent quarterly. Complete the following short-term financial plan for Wildcat.