A financial institution acquires a bond when it pays its coupon. After three months, the institution decides to engage in a repurchase agreement (repo) to quickly obtain funds. The bond and the terms of the repurchase agreement are detailed in the table below:

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

The repurchase agreement is set to mature in six months. What is the financial institution’s expected cash outflow at the end of the repurchase agreement term?