1. The City of 'B' collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, 2018, the City estimated that it will require OMR 5,000,000 to finance governmental activities for the remainder of the 2018 fiscal year. On that date, it had OMR 1,440,000 of cash on hand and OMR 1,660,000 of current liabilities. Collections for the remainder of FY 2018 from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at OMR 2,200,000 Required: Calculate the estimated amount of tax anticipation financing that will be required for the remainder of FY 2018. Show work in good form