Carol's Chocolate Company has prepared its third quarter budget and provided the following data:

	Jul	Aug	Sep
Cash collections	$49,000	$40,000	$46,500
Cash payments:
Purchases of direct materials	29,000	21,200	17,500
Operating expenses	12,400	8100	11,000
Capital expenditures	13,100	24,800	0

The cash balance on June 30 is projected to be $4300. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 4%. All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. Calculate the ending projected cash balance before financing for August.

Select one:

A. $9667

B. $5,000

C. $48,800

D. $(5333)