Easy Finance Problem I cannot solve

mcdonnek

New member
Joined
Jun 25, 2011
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You are reviewing your targets for short-term cash reserves next year. You wish to carry at least twenty days of cash on hand. If annual budgeted cash expenses are $48Milion, what amount of short term reserves should be targeted?
 
48,000,000 / 345 (20 days off the top of the year) = 139,130 dollars. Not sure, seems that would be too easy
 
What does "off the top" mean? Why not off the back?
 
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