Business

Miguel Haney

16 May, 14:14

The nominal interest rate in an economy is 5 percent, and there is also a 15 percent probability of having cash lost or stolen in the economy. Given this information, what is the cost of going to the ATM for an individual who spends $10 daily and has a total of holding cash = (365/T) + T. Assume that the individual visits the ATM once in every T days.

A. $3

B. $2

C. $4

D. $1

+5

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