Question 3 0.5 points Save Answer Mealer, Inc. has prepared its third quarter budget and provided the following data: Jul Aug Sep Cash collections $52,000 $39,800 $46,200 Cash payments: Purchases of direct materials 31,000 21,300 17,700 Operating expenses 12,300 9,000 11,000 Capital expenditures 13,200 24,600 The cash balance on June 30 is projected to be $4,100. 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. Calculate the final projected cash balance at the end of September $55,667 $9,467 $6,884 $21,884