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During May of 2019, XYZ Inc had an opening cash balance of $500,000, budgeted cash...

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Accounting

During May of 2019, XYZ Inc had an opening cash balance of $500,000, budgeted cash receipts of $400,000 and budgeted cash disbursements of $450,000. The company wishes to maintain a cash balance of $500,000 at the start of each month. Any surplus cash is promptly repaid to the bank while funds are borrowed at the start of each month to cover any anticipated shortfall. XYZ is subject to an annual interest rate of 6% per year (0.5% per month). How

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