Meredith Company has completed its sales budget for the first quarter of 2014. Projected credit sales for the first four months of the year are shown below:

January	$38,000
February	$44,000
March	$53,000
April	$56,000

The company's past records show collection of credit sales as follows: 38% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be:

$40,280.

$53,000.

$49,580.

$47,420.