Jul $51,000 Aug $39,900 Sep $47,900 Cash collections Cash payments: Purchases of direct materials Operating expenses Capital expenditures 31,000 12,000 13,600 21,900 8,700 24,300 17,300 11,000 0 The cash balance on June 30 is projected to be $4,100. 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 5%. 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 final projected cash balance at the end of September. A. $22,954 B. $56,358 C. $8,458 D. $7,954