Question 13 (2 points) Malachi, Inc. has prepared its third quarter budget and provided the following data: Jul Aug Sep Cash collections $49,000 $39,900 $47,200 Cash payments: Purchases of direct materials 30,000 21,500 17,600 Operating expenses 12,500 8900 11,400 Capital expenditures 13,100 24,500 o The cash balance on June 30 is projected to be $4600. 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 5%. 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. Calculate the final projected cash balance at the end of September