*****PLEASE SHOW YOUR WORK OR FORMULAS FOR EACH NUMBER THAT YOU GOT USING EXCEL********

3. The Right Target, Inc., a marketing research and consulting firm, is working on a cash budget for July to December 2017. The staff has projected the following cash collections and payments: Collections Payments Month Cash Sales Credit Sales Purchases Wages Miscellaneous Expenses July $10,000 $20,000 $15,000 $6000 $1,500 August $12,000 $24,000 $18,000 $7,200 $2,000 September $14,000 $28,000 $21,000 $8,400 $2,500 October $16,000 $32,000 $24,000 $9,600 $3,000 November $20,000 $40,000 $30,000 $12,000 $4,000 December $25,000 $50,000 $37,500 $15,000 $4,500 a) If the ending cash balance as of June 30, 2017 was $10,000, determine the firm's forecasted monthly cash balance. b) The staff at The Right Target, Inc. wants to know how much they would need to borrow each month if the minimum ending cash balance is $30,000 and the annual interest rate is 7%