KDP Insurance Company specializes in term life insurance contracts. Cash collection experience shows that40percent of billed premiums are collected in the monthin whichthey are due,50percent are paid in the monthafterthey arebilled, and 6 percent are paid in thesecondmonth following their due date.4percent of the billed premiums are paid late (in thethirdmonth following they arebilled) and include a 10 percent penalty payment.Total billing notices in January were $58,000; in February, $62,000; in March, $66,000; in April, $65,000; in May, $60,000; and in June, $62,000. How much cash does the company expect tocollectin May?