Winterfest Ski Corporation has seasonal net cash flows from operations that are projected as follows:

Year $1$ Year $2$ Year $3$

First quarter $+150,000+160,000+170,000$

Second quarter $120,000190,000100,000$

Third quarter $10,00015,00020,000$

Fourth quarter $+10,000+110,000+120,000$

The cash management policy at Winterfest Ski Corporation is as follows:

A minimum cash balance of $$50,000$ should be kept and money should be borrowed using a line of credit at the bank if needed to maintain this balance.

Cash in excess of $$100,000$ should be invested in marketable securities$.$

No more than $$100,000$ should be invested in marketable securities$.$ When this limit has been reached, the excess cash should be sent to the shareholders as a dividend.