Need linear solution using Excel Solver. Cannot use an IF statement or it isn't linear. On Monday morning, you have $3000 in cash on hand. For the next seven days, the following cash requirements must be met: Monday, $5000; Tuesday, $6000; Wednesday, $9000; Thursday, $2000; Friday, $7000; Saturday, $2000; Sunday, $3000. At the beginning of each day, you must decide how much money (if any) to withdraw from the bank. It costs $10 to make a withdrawal of any size. You believe that the opportunity cost of having $1 of cash on hand for a year is $0.20. Assume that opportunity costs are incurred on each day’s ending balance ($0.20/365). Determine how much money you should withdraw from the bank during each of the next seven days.
This is my answer
Two types of decision variables are there -
Xi = Amount withdrawn in i-th day ?i = {1,2,...7}
Yi = {0,1} when Yi=1 if withdrawal is made in i-th day otherwise =0
Thank you...
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