Suppose a construction project anticipates the beginning-of-month draws of $400,000, $300,000, and $600,000 consecutively. What will be the balance owed at the end of the third month if the interest on the loan is 7% per annum (nominal annual rate, compounded monthly), and no payments of either principal or interest are required during the construction period?

a)	$1,306,430.
b)	$1,314,051.
c)	$1,378,960.
d)	Cannot be computed with the information given.