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 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 Augusti