In the solution for Q7, where does that 0.84% of liquidity level come from? How do you calculate that?

sorry, I get it now.

cash reserve = 15% of spending budget spending budget = 11M assets base = 196M (200M-4M) (.15*11) / 196 = 0.0084 or 0.84% In other words allocation to cash equivalents should be at least 0.84%