Golden Coast Hotel has 200 rooms and had the following data from 2016. Hotel is planning to renovate the rooms and in order to do that hotel will save $750,000 in July 2017 and $750,000 in August 2017 into a savings account to start the renovations in the September by closing the hotel. Hotel forecasted that the ADR will increase by 3% in June, 5% in July, and 5% in August 2017. Occupancy percentage will increase by 1% in June, 2% in July and August 2017. Can the hotel afford the renovation without additional funds?

How much additional funds would be need to be sufficient for July?