(Answered) Hot foot shoes would like to maintain its cash account at a

Management Studies

Hot Foot Shoes would like to maintain its cash account at a minimum level of $44,000, but expects the standard deviation in net daily cash flows to be $5,900, the effective annual rate on marketable securities to be 5.6 percent per year, and the trading cost per sale or purchase of marketable securities to be $110 per transaction.

What will be its optimal cash return point? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places.)

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