A CMO has been issued with 3 tranches and a residual. At origination:

- Tranche A investors own $44,494,591 of principal with a coupon rate of 3.50%.

- Tranche B investors own $14,535,340 of principal with a coupon rate of 3.70%.

- Tranche Z investors own $8,761,972 of principal with a coupon rate of 4.50%.

The residual carries $1 million and receives all residual payments.Mortgages backing the security issued are fully amortizingfixed rate with mortgage rate of 4.50% with 30 year maturities and monthly payments. Assume no servicing/guarantee fee and no prepayments.

What is balance on tranche B at the end of the first month (same as the balance atbeginning of the second month)?Round your answers to cents(e.g.ifyouranswer is $56000.0444, write 56000.04)