Why does the typical firm need to make investments in, Financial Management

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Why does the typical firm need to make investments in

i. Why does the typical firm need to make investments in working capital?

ii. Define and describe the difference between the operating cycle and cash conversion cycle for a typical manufacturing company?

iii. Why is no single working capital investment and financing policy necessarily optimal for all firms? What additional factors need to be considered in establishing a working capital policy?

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