Malachi, Inc. has prepared its third quarter budget and provided the following data:

The cash balance on June 30 is projected to be $4500. 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 final projected cash balance at the end of September.

A. $21,584

B. $6584

C. $8367

D. $54,967