What is the average cash balance of the hong company, Financial Accounting

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What is the average cash balance of the hong company

Problem

Given the following information about cash management of the Hong Company: Average cash payment is $105,000 per month. The company invests spare cash in Treasury Bills at an annual interest rate of 4.50%. The cost of each transaction of Treasury bills is $28. What is the average cash balance of the Hong Company?

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Financial Accounting: What is the average cash balance of the hong company

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