Jackson Companys credit history indicates that 60 percent of revenue is collected in the quarter the sales occur, 35 percent in the quarter following the month of sales, and 5 percent in the quarter thereafter. Assume all of Jacksons sales are on credit. Credit sales are expected to be $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jacksons cash collections from sales be for the 3rd quarter?

Group of answer choices

$318,000

$212,000

$500,000

$470,000

$515,500