This Question: 6 pts 3 of 39 (5 complete) This Test: 300 pts possible Acme, Inc. has prepared its third quarter budget and provided the following data Aug Sep Jul $49,000 $39,900 $46,400 Cash collections Cash payments: Purchases of direct materials Operating expenses Capital expenditures 28,000 21,300 17,200 12,300 13,200 24,900 8,600 11,700 The cash balance on June 30 is projected to be $4,400. 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. How much will the company have to borrow at the end of July? OA. $15,000 O c. $5,000 O D. $10,000