A financial institution purchases a bond at a point when it is paying interest. After holding the bond for three months, the institution decides to enter into a repurchase agreement (repo) to quickly generate liquidity. The specific details regarding the bond and the terms of the repurchase agreement are provided in the table below:

Notional (USD)	Coupon (semi-annual)	Current bond price (USD)	Repo haircut	Repo interest rate
100,000	5%	98	5%	3%

Taking into consideration that the repurchase agreement spans a term of six months, calculate the projected cash outflow for the financial institution at the end of the repurchase agreement.