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Your firm has a net cash inflow for the quarter of $ 4 0 . The beginning cash balance is $ 1 2 0 .

Your firm has a net cash inflow for the quarter of $40. The beginning cash balance is $120. Company policy is to maintain a minimum cash balance of $100. The firm borrows only the amount that is necessary to maintain that balance. If it has any surplus funds, it invests in money market instruments. The firm _________ to have a zero cumulative surplus.

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