Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. suppose that your weekly cash expenses are $100. e

Suppose that your weekly cash expenses are $100. Every time you withdraw money from the...

90.2K

Verified Solution

Question

Finance

image
Suppose that your weekly cash expenses are $100. Every time you withdraw money from the automated teller at your bank, you are charged $0.15. Your bank account pays interest of 1% annually a. How often should you withdraw funds from the bank? (Round your answer to 2 decimal places.) You should go to the bank about once every week): b. What is the optimal-sized withdrawal? (Round your answer to the nearest whole dollar) Optimal-sized withdrawal c. What is your average amount of cash on hand? (Round your answer to the nearest whole dollar) Averape anount of cash on hand

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

The fluctuation test performed by Luria and Delbruck is consistent with the random mutation hypothesis. Complete a...

Physics
1.2K views

The adjoining figure shows two bulbs B and B resistor R and an inductor L...

Physics
1.2K views

A circular current loop of magnetic M is in an arbitrary orientation in an external...

Basic Math
1.2K views

You invest $125,000 in an account that earns 4.75% annual interest, compounded continuously. a. What...

Basic Math
1.2K views

Match each system on the left with all words that describe the system on the...

Calculus
1.2K views

Determine the Cartesian equation of the plane 0 0 3 1 4 2 1 5...

Algebra
1.2K views

The count in a bacteria culture was 200 after 10 minutes and 1600 after 40...

Accounting
1.2K views

Question: Answer in true or False Normally a relatively low Inventory Turnover is desirable...

Accounting
1.2K views

On September 14, 2014, Jay purchased a passenger automobile that is used 75 percent in...

Accounting
1.2K views

Under the ______ inventory system, the account ____________________ is used to record all transactions: ...

Accounting
1.2K views

Consider the following two scenarios: Case A On 27 February 20X7, JJJ Inc. upgraded...

Accounting
1.2K views

Marquis and Bloom Company are similar firms that operate in the same industry. The following...